<SEC-DOCUMENT>0001171843-22-002912.txt : 20220428
<SEC-HEADER>0001171843-22-002912.hdr.sgml : 20220428
<ACCEPTANCE-DATETIME>20220428074416
ACCESSION NUMBER:		0001171843-22-002912
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220427
FILED AS OF DATE:		20220428
DATE AS OF CHANGE:		20220428

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:		22862261

	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_042722.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>FORM 6 - K</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>As of 27 April, 2022</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">L-2449 Luxembourg</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <FONT STYLE="font-family: Symbol">_<U>&Ouml;
</U>_</FONT>Form 40-F ___</P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Yes ___ No _<FONT STYLE="font-family: Symbol"><U>&Ouml;</U>_</FONT>
</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 2022 First </FONT>Quarter Results.</P>

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 16pt">SIGNATURE</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">Date: 27 April, 2022</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 16pt">Tenaris,
S.A.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">By: /s/ Cecilia Bilesio&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">Cecilia Bilesio</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">Corporate Secretary</FONT></P>

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

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: silver">&nbsp;<IMG SRC="hdr1.jpg" ALT=""></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 14pt"><B>Tenaris Announces
2022 First Quarter Results</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Luxembourg, April 27, 2022. - Tenaris S.A. (NYSE and Mexico: TS and
EXM Italy: TEN) (&ldquo;Tenaris&rdquo;) today announced its results for the quarter ended March 31, 2022 in comparison with its results
for the quarter ended March 31, 2021.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt"><B>Summary of 2022 First
Quarter Results</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Comparison with fourth and first quarter of 2021)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">1Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">4Q 2021</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">1Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; background-color: #F2F2F2">2,367</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,057</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">15</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,182</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">Operating income ($ million)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">484</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">839</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">Net income ($ million)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">503</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">336</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">Shareholders&rsquo; net income ($ million)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">503</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 9pt">Earnings per ADS ($)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">0.85</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.63</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.18</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 9pt">Earnings per share ($)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">0.43</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.31</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.09</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">EBITDA* ($ million)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">627</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">483</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">26.5</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.5</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.6</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">*EBITDA is defined
as operating income (loss) plus depreciation, amortization and impairment charges / (reversals). EBITDA includes severance charges of
$12 million in 1Q 2022 (related to the discontinuation of our industrial equipment business in Brazil and the closure of NKKTubes), $8
million in 4Q 2021 and $5 million in 1Q 2021. If these charges were not included EBITDA would have been $639 million (27.0%) in 1Q 2022,
$491 million (23.9%) in 4Q 2021 and $201 million (17.0%) in 1Q 2021.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our sales in the first quarter increased a further
15% sequentially, driven by higher prices for OCTG in the Americas and higher shipments of line pipe in Europe and South America. Our
EBITDA rose 30% sequentially with the margin exceeding 26%, as higher prices more than compensated increases in energy and raw material
costs. We decided to discontinue our industrial equipments business in Brazil which recorded an EBITDA loss of $14 million, including
severance provisions, during the quarter, and we fully impaired the value of our 49% share in the joint venture with Severstal in Russia,
recording a charge of $15 million.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Working capital increased by $609 million in the
quarter, with higher receivables, reflecting an increase in sales, and higher inventories which were affected by higher costs for raw
material and energy. Operating working capital days amounted to 141, which compares with 165 in the first quarter of 2021 and 135 in the
fourth quarter of 2021. Free cash flow was negative at $94 million and we ended the quarter with a net cash position of $562 million.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt"><B>Market Background
and Outlook</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Russian invasion of Ukraine and the sanctions
that have been imposed on Russian individuals, companies and institutions has changed the outlook for energy worldwide. Oil and gas prices
are higher than they were before the invasion as alternative sources to Russian exports of oil and gas are sought in Europe and other
markets. In addition, current oil and gas production levels are not keeping pace with global demand and inventories are at low levels.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inflationary pressures and high commodity prices
intensified by the Russian invasion are inducing a monetary response by central banks and a slow down in global growth as well as increased
uncertainty, which is further heightened by the ongoing COVID outbreak and governmental response in China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Drilling activity is increasing around the world
led by North America and the Middle East. Offshore drilling activity is also increasing, led by Latin America. Pipeline project activity
is also increasing in the Middle East, South America and the Mediterranean and Black Seas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outlook for steelmaking raw materials has
also changed. Russia and Ukraine have both been major suppliers of pig iron, ferroalloys and semi-finished steel to European and American
markets and the costs of these materials have risen sharply since the invasion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OCTG prices are also increasing on higher consumption
while inventories have declined to low levels in key regions such as North America and the Middle East.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the second quarter, we anticipate further growth
in sales, with higher volumes in the Middle East and South America, and stable margins with higher prices compensating the increase in
costs. We also anticipate that free cash flow will be positive. In the second half, we anticipate further growth in sales, and margins
should remain around the same level as the first half.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt"><B>Analysis of 2022
First Quarter Results</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; background-color: white">Tubes Sales volume (thousand metric tons)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">1Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">4Q 2021</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">1Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-indent: 9pt">Seamless</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; background-color: #F2F2F2">772</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">731</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">496</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">56</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 9pt">Welded</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">50</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: 9.05pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">822</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">799</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">568</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">45</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; background-color: white">Tubes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">1Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">4Q 2021</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">1Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">(Net sales - $ million)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: left; text-indent: 9pt">North America</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; background-color: #F2F2F2">1,347</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,118</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">20</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">514</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">162</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">South America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">348</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 9pt">Europe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">232</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">Middle East &amp; Africa</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">182</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">Asia Pacific</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">94</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 9.05pt">Total net sales ($ million)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">2,203</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,910</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,080</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">104</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 9.05pt">Operating income ($ million)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">471</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">245</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">92</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">38</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,140</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">21.4</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.8</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.5</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Net sales of tubular products and services</I>
increased 15% sequentially and 104% year on year. Volumes increased 3% sequentially and 45% year on year while average selling prices
increased 12% sequentially and 41% year on year. In North America sales increased 20% sequentially, thanks to higher prices throughout
the region reflecting higher drilling activity and declining market inventory levels with seasonally higher volumes of OCTG in Canada.
In South America sales increased 2% sequentially, due to higher OCTG prices across the region but lower volumes of line pipe and industrial
products in Brazil and Argentina. In Europe sales increased 39% due to sales of offshore line pipe to Sakarya project in Turkey and higher
prices on mechanical pipe sales to distributors. In the Middle East and Africa sales decreased 13% and remain at low levels, particularly
in Kuwait, where the transition to a new contract is still pending, and with minimal sales of offshore line pipe in Africa and OCTG to
Qatar. In Asia Pacific sales increased 26% mainly due to higher sales in Oceania.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Operating result from tubular products and
services </I>amounted to a gain of $471 million in the first quarter of 2022, compared to a gain of $245 million in the previous quarter
and $38 million in the first quarter of 2021. In the previous quarter, Tubes operating income included a $57 million impairment charge
on NKKTubes fixed assets. During the quarter Tubes operating margin increased to 21.4%, following a 12% increase in average selling prices
which more than offset the increase in energy and raw material costs.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; background-color: white">Others</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">1Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">4Q 2021</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">1Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; background-color: #F2F2F2">164</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">147</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">102</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">60</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">Operating income ($ million)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">13</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">8.0</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.4</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.0</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Net sales of other products and services</I>
increased 11% sequentially and 60% year on year. The sequential increase in sales is mainly related to higher sales of excess raw materials
and sucker rods, partially offset by lower sales of energy, industrial equipment in Brazil, which is being discontinued, and no sales
from the Geneva structural pipe business in the United States, which was sold in the previous quarter. Operating income of the Others
segment, in the quarter, includes a $5 million severance charge related to the discontinuation of the industrial equipment business in
Brazil.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Selling, general and administrative expenses</B>,
or SG&amp;A, amounted to $365 million, or 15.4% of net sales, in the first quarter of 2022, compared to $338 million, 16.4% in the previous
quarter and $255 million, 21.6% in the first quarter of 2021. SG&amp;A expenses during the quarter included $5 million of leaving indemnities,
mainly related to the discontinuation of our industrial equipment business in Brazil and the closure of NKKTubes (an additional $7 million
charge for the same concepts is included in the cost of sales). Sequentially, our SG&amp;A expenses increased mainly due to higher selling
expenses associated with higher sales and higher labor costs, however, they decreased as a percentage of sales due to the better absorption
of the fixed and semi-fixed components of SG&amp;A expenses on higher sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other operating results </B>amounted to a gain
of $4 million in the first quarter of 2022, compared to $12 million in the previous quarter and $8 million in the first quarter of 2021.
The result of the quarter is mainly related to land sales in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial results</B> amounted to a loss of
$1 million in the first quarter of 2022, compared to a gain of $2 million in the previous quarter and a gain of $12 million in the first
quarter of 2021. During the quarter, a net interest gain of $7 million was offset by a net $8 million foreign exchange loss, mainly related
to the appreciation of the Brazilian Real against the U.S. dollar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Equity in earnings of non-consolidated companies</B>
generated a gain of $88 million in the first quarter of 2022, compared to a gain of $133 million in the previous quarter and a gain of
$79 million in the first quarter of 2021. The result of the quarter is net of an impairment charge on the value of our joint venture in
Russia, amounting to $15 million. Results from non-consolidated companies are mainly derived from our participation in Ternium (NYSE:TX)
and reflect the good dynamics at the flat steel sector derived from high steel prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Income tax charge </B>amounted to $67 million
in the first quarter of 2022, compared to $72 million in the previous quarter and $42 million in the first quarter of 2021. Despite the
sequential increase in income before income tax, the tax charge of the quarter is lower as it includes a $44 million positive adjustment
from inflation adjustments net of foreign exchange, mainly in Argentina.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt"><B>Cash Flow and Liquidity</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operations during the first quarter
of 2022 was $27 million, compared with net cash provided by operations of $46 million in the previous quarter and $70 million in the first
quarter of 2021. Working capital increased by $609 million during the quarter, mainly reflecting higher trade receivables, following the
increase in sales, and higher inventories partially offset by an increase in trade payables.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital expenditures amounted to $67 million for
the first quarter of 2022, compared to $69 million in the previous quarter and $45 million in the first quarter of 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the quarter we had negative free cash flow
of $94 million, compared to negative $23 million in the previous quarter and positive $25 million in the first quarter of 2021.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At March 31, 2022 we maintained a positive net
cash position of $562 million, compared to $700 million at December 31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt"><B>Conference call</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tenaris will hold a conference call to discuss
the above reported results, on April 28, 2022, at 09:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened
to questions. To access the conference call dial in +1 866 789 1656 within North America or +1 630 489 1502 Internationally. The access
number is &ldquo; 5464727&rdquo;. Please dial in 10 minutes before the scheduled start time. The conference call will be also available
by webcast at <FONT>http://ir.tenaris.com/events-and-presentations</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A replay of the conference call will be available
on our webpage http://ir.tenaris.com/events-and-presentations or by phone from 12:00 pm ET on April 28, through 12:00 pm on May 6, 2022.
To access the replay by phone, please dial +1 855 859 2056 or +1 404 537 3406 and enter passcode &ldquo;5464727&rdquo; when prompted.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt"><B>Consolidated Condensed
Interim Income Statement</B></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Unaudited</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: justify">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; background-color: #F2F2F2">2,367,041</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,181,789</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">(1,521,942</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(882,999</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Gross profit</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">845,099</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">298,790</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Selling, general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">(364,922</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(255,026</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Other operating income (expense), net</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">4,077</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,827</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Operating income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">484,254</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">51,591</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Finance Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">8,825</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,698</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Finance Cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">(1,835</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,675</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Other financial results</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">(8,108</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,754</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">483,136</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">63,368</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Equity in earnings of non-consolidated companies</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">87,604</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">79,141</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Income before income tax</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">570,740</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">142,509</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">(67,307</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(41,744</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Income for the period</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">503,433</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: white">100,765</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Attributable to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Shareholders' equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">502,774</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,346</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">659</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,581</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">503,433</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100,765</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt">Consolidated Condensed
Interim Statement of Financial Position</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">At March 31, 2022</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: black; font-weight: bold; text-align: center">Unaudited</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: black; font-weight: bold; text-align: justify">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: black; text-align: justify">&nbsp;&nbsp;Property, plant and equipment, net</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: right; background-color: #F2F2F2">5,771,759</TD><TD STYLE="white-space: nowrap; width: 1%; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,824,801</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Intangible assets, net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">1,365,335</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,372,176</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Right-of-use assets, net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">119,655</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,738</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Investments in non-consolidated companies</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">1,500,637</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,383,774</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Other investments</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">241,294</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">320,254</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Derivative financial instruments</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">5,755</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,080</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Deferred tax assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">259,709</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245,547</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;Receivables, net</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: #F2F2F2">232,833</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">9,496,977</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">205,888</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,468,258</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Inventories, net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">3,032,127</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,672,593</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Receivables and prepayments, net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">125,643</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,276</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Current tax assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">219,702</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,021</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Trade receivables, net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">1,718,058</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,299,072</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Derivative financial instruments</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">12,088</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,235</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Other investments</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">354,104</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397,849</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;Cash and cash equivalents</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: #F2F2F2">315,399</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">5,777,121</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">318,127</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,981,173</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">15,274,098</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,449,431</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Shareholders' equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">12,508,121</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,960,578</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: #F2F2F2">145,795</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">145,124</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">12,653,916</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,105,702</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Borrowings</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">7,905</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,432</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Lease liabilities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">88,991</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,694</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Deferred tax liabilities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">261,310</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">274,721</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Other liabilities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">227,806</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">231,681</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;Provisions</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: #F2F2F2">91,254</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">677,266</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">83,556</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">784,084</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Borrowings</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">340,121</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">219,501</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Lease liabilities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">34,885</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,591</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Derivative financial instruments</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">18,520</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,328</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Current tax liabilities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">171,425</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,486</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Other liabilities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">266,416</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,725</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Provisions</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">8,512</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,322</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">&nbsp;&nbsp;Customer advances</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">96,905</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,436</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;Trade payables</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: #F2F2F2">1,006,132</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">1,942,916</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">845,256</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,559,645</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">2,620,182</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,343,729</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity and liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">15,274,098</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,449,431</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><IMG SRC="hdr2.jpg" ALT="" STYLE="height: 18px; width: 20px"></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt"><B>Consolidated Condensed
Interim Statement of Cash Flows</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Unaudited</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Cash flows from operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: black; font-weight: bold; text-align: justify">Income for the period</TD><TD STYLE="width: 1%; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">503,433</TD><TD STYLE="white-space: nowrap; width: 1%; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">100,765</TD><TD STYLE="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Adjustments for:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Depreciation and amortization</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">143,076</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,469</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Income tax accruals less payments</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">6,915</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,091</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Equity in earnings of non-consolidated companies</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">(87,604</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(79,141</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Interest accruals less payments, net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">(1,300</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Changes in provisions</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">6,888</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,036</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Changes in working capital</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">(608,628</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(83,326</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Currency translation adjustment and others</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: #F2F2F2">10,616</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28,354</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Net cash (used in) provided by operating activities</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">(26,604</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">70,494</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Cash flows from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Capital expenditures</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">(66,934</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,291</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Changes in advance to suppliers of property, plant and equipment</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">(18,565</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,104</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Proceeds from disposal of property, plant and equipment and intangible assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">4,819</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,923</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Changes in investments in securities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: #F2F2F2">109,236</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">176,932</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Net cash provided by investing activities</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">28,556</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">133,460</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">Payments of lease liabilities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">(15,678</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,900</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">Proceeds from borrowings</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">268,143</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,605</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black">Repayments of borrowings</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: #F2F2F2">(256,144</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(168,271</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Net cash (used in) financing activities</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">(3,679</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(89,566</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">(Decrease) Increase in cash and cash equivalents</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,727</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">114,388</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: justify">Movement in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">At the beginning of the period</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">318,067</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">584,583</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">Effect of exchange rate changes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">(2,021</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,844</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">(Decrease) Increase in cash and cash equivalents</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: #F2F2F2">(1,727</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">114,388</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">314,319</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">695,127</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt"><B>Exhibit I &ndash;
Alternative performance measures</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt">EBITDA, Earnings before
interest, tax, depreciation and amortization.</FONT></P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">Three-month period ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; background-color: #F2F2F2">2022</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left">Operating income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; background-color: #F2F2F2">484,254</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">51,591</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">143,076</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">144,469</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">EBITDA</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">627,330</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">196,060</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt">Net Cash / (Debt)</FONT></P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">At March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; background-color: #F2F2F2">315,399</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">695,245</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other current investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">354,104</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">649,878</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Non-current investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">233,988</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">274,542</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Derivatives hedging borrowings and investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">6,662</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,281</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Current borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">(340,121</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(246,440</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Non-current borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">(7,905</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(294,649</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Net cash / (debt)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">562,127</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,083,857</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt">Free Cash Flow</FONT></P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">Three-month period ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left">Net cash (used in) provided by operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; background-color: #F2F2F2">(26,604</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">70,494</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">(66,934</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(45,291</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Free cash flow</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">(93,538</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,203</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><FONT STYLE="font-size: 12pt">Operating working capital
days</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operating working capital is the difference between the main operating
components of current assets and current liabilities. Operating working capital is a measure of a company&rsquo;s operational efficiency,
and short-term financial health.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operating working capital days= [(Inventories + Trade receivables &ndash;
Trade payables &ndash; Customer advances) / Annualized quarterly sales ]x 365</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">At March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">Inventories</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; background-color: #F2F2F2">3,032,127</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,910,293</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Trade receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">1,718,058</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">907,738</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Customer advances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">(96,905</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,569</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Trade payables</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">(1,006,132</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(634,648</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Operating working capital</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">3,647,148</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,130,814</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Annualized quarterly sales</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">9,468,164</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,727,156</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Operating working capital days</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2">141</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">165</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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



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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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