<SEC-DOCUMENT>0001171843-22-007116.txt : 20221104
<SEC-HEADER>0001171843-22-007116.hdr.sgml : 20221104
<ACCEPTANCE-DATETIME>20221104123147
ACCESSION NUMBER:		0001171843-22-007116
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221104
DATE AS OF CHANGE:		20221104

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:		221361249

	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_110322.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</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"><B>Report of Foreign Private Issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></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"><B>As of 3 November, 2022</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; text-align: center"><B>TENARIS, S.A.</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The attached material is being furnished to the Securities and Exchange
Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris&rsquo;s
Press Release announcing 2022 Third 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">SIGNATURE</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">Date: 3 November, 2022</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">Tenaris, S.A.</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">By: /s/ Cecilia Bilesio&#9;</P>

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

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

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



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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: silver"><IMG SRC="hdr.jpg" ALT="" STYLE="height: 61px; width: 800px">&nbsp;</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">Tenaris Announces 2022
Third Quarter Results</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">The financial and operational information
contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and
prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and
adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA,
Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.</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"><B>Luxembourg, November 3, 2022. -</B> Tenaris S.A. (NYSE and Mexico:
TS and EXM Italy: TEN) (&ldquo;Tenaris&rdquo;) today announced its results for the quarter ended September 30, 2022 in comparison with
its results for the quarter ended September 30, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Summary of 2022 Third Quarter Results</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; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&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">3Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; 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">2Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; 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">3Q 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">2,975</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">2,800</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">1,754</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">70</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">803</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">663</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">21</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">231</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">248</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">608</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">634</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">(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">326</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">86</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">606</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">637</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">(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">330</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">84</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 9pt">Earnings per ADS ($)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">1.03</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.08</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.56</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 9pt">Earnings per share ($)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">0.51</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">0.54</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">(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">0.28</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">84</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">946</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">806</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">17</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">379</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">149</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">31.8</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">28.8</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">21.6</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our third quarter sales increased 6% sequentially
as further pricing gains more than compensated lower shipments, which were affected by lower deliveries to pipeline projects and seasonal
factors. Our EBITDA increased a further 17% sequentially with the margin rising above 30% following the increase in average selling prices
which offset the increase in costs of raw materials and energy. Net income decreased 4% sequentially affected by non-operating items:
lower results from our equity participation in non-consolidated companies (Ternium and Usiminas) and higher financial expenses.</P>

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<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 free cash flow for the quarter remained positive
at $113 million despite an increase in working capital of $601 million related to a buildup of inventories in anticipation of increased
shipments and an increase in receivables. Our capital investments for the quarter, which included $56 million for the wind farm in Argentina,
also increased. Our net cash position increased to $700 million at September 30, 2022.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Interim Dividend Payment</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our board of directors approved the payment of an interim dividend
of $0.17 per share ($0.34 per ADS), or approximately $201 million. The payment date will be November 23, 2022 , with an ex-dividend date
on November 21, 2022 and record date on November 22, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Market Background and Outlook</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 an environment of high geopolitical and macro-economic
risk, global economic growth is slowing, and energy prices have come off their recent highs. Conditions in the energy industry, however,
remain supportive for an increased level of investment, with low levels of spare capacity and inventories, uncertainty about the impact
of further sanctions on Russian exports and a renewed focus on energy security around the world. Global energy provision is constrained
and all sources of supply will be needed to meet growing demand.</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 has increased this year and
is expected to increase further, particularly in the Middle East and offshore. Global demand for OCTG is increasing and is expected to
surpass pre-Covid levels in 2023. Pipeline activity is also advancing to support oil and gas developments, notably in Argentina 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 fourth quarter, we anticipate further growth
in sales boosted by higher shipments to pipeline projects and additional pricing gains. At the same time, our EBITDA margin should continue
to benefit from higher operating leverage while our free cash flow should continue to recover.</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">US Trade Case</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 27, 2021, the U.S. Department of Commerce
(&ldquo;DOC&rdquo;) announced the initiation of antidumping duty investigations of oil country tubular goods (&ldquo;OCTG&rdquo;) from
Argentina, Mexico, and Russia and countervailing duty investigations of OCTG from Russia and South Korea.</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">On October 26, 2022, the ITC issued a final determination
that the imports under investigation caused injury to the U.S. OCTG industry. As a result of the investigation, Tenaris is required to
pay antidumping duties (at a rate of 78.30% for imports from Argentina and 44.93% for imports from Mexico) on its imports of OCTG from
Argentina and Mexico for five years. Tenaris has been paying such duties since May 11, 2022, reflecting the amount of such deposits in
its production costs. The duty rates may be reset periodically based on the results of the review process.</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">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Analysis of 2022 Third Quarter Results</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"><B><I>Tubes</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table indicates, for our Tubes business segment, sales
volumes of seamless and welded pipes for the periods indicated below:</P>

<P STYLE="font: 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="padding-left: 10pt; 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">3Q 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">2Q 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">3Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 35%">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">750</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">815</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">(8</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">675</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt">Welded</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">106</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">41</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">49</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-weight: bold">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">856</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">890</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">(4</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">746</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></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">The following table indicates, for our Tubes business segment, net
sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:</P>

<P STYLE="font: 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="padding-left: 10pt; 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">3Q 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">2Q 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">3Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">(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="padding-left: 10pt; width: 35%; text-align: left">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">1,761</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">1,583</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">901</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">95</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">South America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">600</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">462</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">314</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">91</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt">Europe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">190</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">259</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">(27</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">141</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">35</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">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">234</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">260</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">(10</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">199</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">18</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">Asia Pacific</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">46</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">67</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">(31</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">(11</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-weight: bold; text-align: left">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">2,832</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">2,632</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">8</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">1,607</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">76</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-weight: bold; text-align: left">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">780</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">636</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">23</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">200</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">290</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">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">27.5</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">24.2</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">&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">12.4</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></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; text-align: justify"><I>Net sales of tubular products and services</I>
increased 8% sequentially and 76% year on year. On a sequential basis volumes shipped decreased 4%, affected by lower deliveries to pipeline
projects and seasonal factors, while average selling prices increased 12% sequentially, more than offsetting the lower volumes. In North
America, sales increased thanks to higher OCTG prices throughout the region and higher shipments of OCTG in Canada. In South America we
had higher sales of OCTG to offshore projects in Guyana and higher sales for pipelines in Argentina. In Europe sales declined due to lower
sales for offshore line pipe projects and lower sales of industrial products. In the Middle East and Africa sales declined as we had lower
sales in Saudi Arabia and lower sales of high alloy products in UAE. In Asia Pacific sales declined reflecting the discontinuation of
sales from NKKTubes in Japan and lower sales 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"><I>Operating results from tubular products and
services </I>amounted to a gain of $780 million in the third quarter of 2022 compared to a gain of $636 million in the previous quarter
and $200 million in the third quarter of 2021. Our operating margin improved as tubes price increases more than offset higher 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"><B><I>Others</I></B></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">The following table indicates, for our Others business segment, net
sales, operating income and operating income as a percentage of net sales for the periods indicated below:</P>

<P STYLE="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="padding-left: 10pt; 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">3Q 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">2Q 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">3Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 35%; text-align: left">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">143</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">168</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">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">(2</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">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">23</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">27</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">(12</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">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">(26</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">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">16.2</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">15.8</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">21.4</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></TR>
  </TABLE>

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

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<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></I></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>
decreased 15% sequentially and 2% year on year. Sequentially, sales declined mainly due to lower sales of excess raw materials and lower
sales of pipes for plumbing applications in Italy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Selling, general and administrative expenses</B>,
<B>or SG&amp;A</B>, amounted to $403 million, or 13.6% of net sales, in the third quarter of 2022, compared to $412 million, 14.7% in
the previous quarter and $317 million, 18.1% in the third quarter of 2021. Sequentially, our SG&amp;A expenses decreased mainly due to
a reduction in logistic costs associated with lower shipments.</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
$29 million in the third quarter of 2022, compared to a loss of $11 million in the previous quarter and a loss close to zero in the third
quarter of 2021. The financial result of the quarter includes a $30 million loss related to a dividend distribution in kind (Argentine
sovereign bonds) paid by an Argentine subsidiary of the Company, which was impacted by the change in value of such bonds from the local
Argentine market to the International market. This is related to foreign exchange control measures in Argentina, please see note 18 to
our consolidated condensed interim financial statements for the nine-month period ended September 30, 2022.</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>Equity in earnings of non-consolidated companies</B>
generated a gain of $5 million in the third quarter of 2022, compared to a gain of $103 million in the previous quarter and a gain of
$154 million in the third quarter of 2021. The result of the quarter includes a $32 million loss from an impairment in Usiminas ($19 million
from our direct investment in Usiminas and $13 million from our indirect investment in Usiminas through Ternium). Excluding the impairment
loss the equity in earnings of non-consolidated companies would have amounted to $37 million.</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 $171 million
in the third quarter of 2022, compared to $120 million in the previous quarter and $59 million in the third quarter of 2021. The increase
in income tax mainly reflects better results at several subsidiaries following the improvement in activity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Cash Flow and Liquidity of 2022 Third Quarter</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 generated by operating activities during
the third quarter of 2022 was $242 million, compared to $428 million in the previous quarter and $53 million in the third quarter of 2021.
During the third quarter of 2022 cash generated by operating activities is net of an increase in working capital of $601 million mainly
related to a buildup of inventories in anticipation of increased shipments and higher receivables reflecting the increase in 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">With capital expenditures of $129 million, which
include $56 million invested in the wind farm in Argentina, our free cash flow amounted to $113 million during the quarter and our net
cash position amounted to $700 million at September 30, 2022.</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">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Analysis of 2022 First Nine Months Results</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">&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; background-color: white">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">9M 2022</TD><TD STYLE="border-top: Black 1pt solid; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">9M 2021</TD><TD STYLE="border-top: Black 1pt solid; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; color: black; font-weight: bold; background-color: white">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: left; text-indent: 9pt">Net sales ($ million)</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: 12%; color: black; text-align: right; background-color: #F2F2F2">8,142</TD><TD STYLE="white-space: nowrap; width: 1%; color: black; 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">4,464</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: 12%; text-align: right">82</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 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">1,950</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">434</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">349</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 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">1,746</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">717</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">143</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 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">1,746</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">730</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">139</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 9pt">Earnings per ADS ($)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: #F2F2F2">2.96</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.24</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 9pt">Earnings per share ($)</TD><TD 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">1.48</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">0.62</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">139</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 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">2,379</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">877</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">171</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 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">29.2</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">19.6</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows our net sales by business segment for the
periods indicated below:</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="padding-left: 10pt; white-space: nowrap; font-weight: bold; background-color: white">Net sales ($ million)</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: #F2F2F2">9M 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">9M 2021</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; background-color: white">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 35%">Tubes</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">7,667</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); 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">94</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: 10%; text-align: right">4,084</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">91</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">88</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">475</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">6</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">380</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">9</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">25</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt">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">8,142</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,464</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tubes</I></B></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">The following table indicates, for our Tubes business segment, sales
volumes of seamless and welded pipes for the periods indicated below:</P>

<P STYLE="font: 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="padding-left: 10pt; 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">9M 2022</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&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: white">9M 2021</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; background-color: white">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 55%">Seamless</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">2,337</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">1,782</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: 12%; text-align: right">31</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt">Welded</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">231</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">221</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">5</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-weight: bold">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">2,568</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">2,003</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">28</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">The following table indicates, for our Tubes business segment, net
sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:</P>

<P STYLE="font: 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="padding-left: 10pt; 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">9M 2022</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&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: white">9M 2021</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; background-color: white">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">(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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 55%; text-align: left">North America</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">4,691</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">2,122</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: 12%; text-align: right">121</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">South America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">1,411</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">710</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">99</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt">Europe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">681</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">454</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">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">676</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">623</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">9</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">Asia Pacific</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">207</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">174</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">19</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-weight: bold; text-align: left">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">7,667</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">4,084</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">88</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-weight: bold; text-align: left">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">1,887</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">368</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">413</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">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">24.6</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">9.0</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">&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 88% to $7,667 million in the first nine months of 2022, compared to $4,084 million in the first nine months of 2021 due
to an increase of 28% in volumes and a 46% increase in average selling prices. Sales increased in all regions, mainly in North America
where there was a recovery in volumes and prices throughout the region, led by the U.S. onshore market. Average drilling activity in the
first nine months of 2022 increased 54% in the United States &amp; Canada and 13% internationally compared to the first nine months of
2021.</P>

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<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Operating results from tubular products and
services </I>amounted to a gain of $1,887 million in the first nine months of 2022 compared to $368 million in the first nine months of
2021. The improvement in operating results was driven by the recovery in sales and margins, as higher tubes prices and an improvement
in industrial performance due to the increased levels of activity and utilization of production capacity more than offset the increase
in raw material and energy costs.</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"><B><I>Others</I></B></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">The following table indicates, for our Others business segment, net
sales, operating income and operating income as a percentage of net sales for the periods indicated below:</P>

<P STYLE="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="padding-left: 10pt; 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">9M 2022</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&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: white">9M 2021</TD><TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; background-color: white">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 55%; text-align: left">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: 12%; text-align: right; background-color: #F2F2F2">475</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">380</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: 12%; text-align: right">25</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">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">63</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">66</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">(5</TD><TD STYLE="white-space: nowrap; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left">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">13.2</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">17.4</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></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></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 25% to $475 million in the first nine months of 2022, compared to $380 million in the first nine months of 2021, mainly due
to higher sales of our oilfield services business in Argentina which offers hydraulic fracturing and coiled tubing services, higher sales
of sucker rods and excess raw materials, partially offset by lower sales from the discontinued industrial equipment business in Brazil.</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>Selling, general and administrative expenses,
or SG&amp;A, </B>amounted to $1,180 million in the first nine months of 2022, representing 14.5% of sales, and $869 million in the first
nine months of 2021, representing 19.5% of sales. SG&amp;A expenses increased mainly due to higher selling expenses (in particular commissions
and freights) associated with higher sales and higher labor costs. However, they decreased as a percentage of sales due to the better
absorption of 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 net
gain of $12 million in the first nine months of 2022, compared to a net gain of $50 million in the first nine months of 2021. In the first
nine months of 2022 other operating results include a non-cash gain of $71 million from the reclassification to the income statement of
NKKTubes&rsquo;s cumulative foreign exchange adjustments belonging to the shareholders, an $18 million gain from the sale of land in Canada
after the relocation of the Prudential facility, partially offset by a $78 million loss from the settlement with the U.S. SEC. The gain
in 2021 was mainly due to a $34 million recognition of fiscal credits in Brazil and the profit from the sale of fixed assets in Saudi
Arabia.</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
$42 million in the first nine months of 2022, compared to a gain of $21 million in the first nine months of 2021. The financial result
in the first nine months of 2022 includes a $30 million loss related to a dividend distribution in kind (Argentine sovereign bonds) performed
by an Argentine subsidiary of the Company, which was mainly impacted by the change in valuation of the bonds from the local Argentine
market to the International market, as well as the decline in the fair value of certain financial instruments obtained in an operation
of settlement of trade receivables in the second quarter of 2022.</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">&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 $196 million in the first nine months of 2022, compared to a gain of $379 million in the first nine months of
2021. The result of the first nine months of 2022 includes a $32 million loss from an impairment in Usiminas ($19 million from our direct
investment in Usiminas and $13 million from our indirect investment in Usiminas through Ternium) and an impairment on the value of our
joint venture in Russia, amounting to $15 million. The remaining results are mainly derived from our participation in Ternium (NYSE:TX).</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>Income tax</B> amounted to a charge of $359
million in the first nine months of 2022, compared to $117 million in the first nine months of 2021. The increase in income tax reflects
better results at several subsidiaries following the improvement in activity in 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Cash Flow and Liquidity of 2022 First Nine Months</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 provided by operating activities during
the first nine months of 2022 amounted to $643 million (net of an increase in working capital of $1,408 million), compared to cash provided
by operations of $73 million (net of an increase in working capital of $673 million) in the first nine months of 2021. Working capital,
mainly inventories and trade receivables, has been increasing since 2021 following the recovery in activity from very low levels in 2020.</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 $271 million
in the first nine months of 2022, compared to $171 million in the first nine months of 2021. Free cash flow amounted to $372 million in
the first nine months of 2022, compared to a negative free cash flow of $98 million in the first nine months 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">Our net cash position amounted to $700 million
at September 30, 2022, same level as at December 31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Conference call</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 November 4, 2022, at 09:00 a.m. (Eastern Time). Following a brief summary, the conference call will be
opened to questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To listen to the conference please join through
one of the following options:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ir.tenaris.com/events-and-presentations or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">https://edge.media-server.com/mmc/p/9rkcyax4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you wish to participate in the Q&amp;A session please register at
the following link: https://register.vevent.com/register/BI722f17c9bfb94b2ea67ce3682137cb5d</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Please connect 10 minutes before the scheduled start time.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A replay of the conference call will also be available on our webpage
at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ir.tenaris.com/events-and-presentations</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"><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">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><B>Consolidated Condensed Interim Income Statement</B></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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period <BR>
ended September 30,</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period <BR>
ended September 30,</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><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; 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><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: 40%; 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">2,974,801</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">1,753,743</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; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; background-color: #F2F2F2">8,142,316</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">4,464,043</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">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">(1,766,486</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">(1,214,451</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&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">(5,023,770</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">(3,211,232</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">1,208,315</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">539,292</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</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">3,118,546</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">1,252,811</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">(403,435</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">(316,708</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">(1,180,097</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">(868,519</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">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">(1,755</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">8,325</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&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">11,775</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">49,902</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">803,125</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">230,909</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</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">1,950,224</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">434,194</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">26,998</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">4,988</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">42,264</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">32,203</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">(17,741</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">(6,320</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">(25,703</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">(16,826</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">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">(38,368</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">1,024</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&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">(58,247</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">5,704</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">774,014</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">230,601</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</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">1,908,538</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">455,275</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; padding-bottom: 1pt">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">5,295</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">154,139</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&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">196,001</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">379,109</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">779,309</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">384,740</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</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">2,104,539</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">834,384</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; padding-bottom: 1pt">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">(171,239</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">(58,505</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&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">(359,010</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">(117,202</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; padding-bottom: 1pt">Income for continuing operations</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">608,070</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">326,235</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; background-color: white">&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: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">1,745,529</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">717,182</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><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><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">606,470</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">329,871</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">1,745,962</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">730,157</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">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">1,600</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">(3,636</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&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">(433</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">(12,975</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&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">608,070</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">326,235</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&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: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">1,745,529</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">717,182</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; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"><B>Consolidated Condensed Interim Statement of Financial
Position</B></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">(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; background-color: #F2F2F2">At September 30, 2022</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; 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="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; 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; 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: rgb(242,242,242)">&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="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: rgb(242,242,242)">&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: 40%; text-align: justify">Property, plant and equipment, net</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">5,640,329</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); 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">&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: 12%; 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: 12%; 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="text-align: justify">Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">1,347,892</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Right-of-use assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">112,342</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Investments in non-consolidated companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">1,536,439</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Other investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">150,489</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">264,843</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify; padding-bottom: 1pt">Receivables, 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">220,312</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">9,272,646</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&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>&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="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: rgb(242,242,242)">&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="text-align: justify">Inventories, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">3,679,135</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Receivables and prepayments, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">208,287</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Current tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">212,093</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Trade receivables, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">2,013,660</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">46,178</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Other investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">434,566</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify; padding-bottom: 1pt">Cash and cash equivalents</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">994,854</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">7,588,773</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&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>&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="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total 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: rgb(242,242,242); 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">16,861,419</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; 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 STYLE="font-weight: bold">&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="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: rgb(242,242,242)">&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="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: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">13,204,886</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">11,960,578</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Non-controlling interests</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: rgb(242,242,242)">&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">129,895</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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="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="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total 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: rgb(242,242,242); 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">13,334,781</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; 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 STYLE="font-weight: bold">&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="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: rgb(242,242,242)">&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="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: rgb(242,242,242)">&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="text-align: justify">Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">47,164</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">84,922</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Deferred tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">284,549</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">235,309</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify; padding-bottom: 1pt">Provisions</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">91,318</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">743,262</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&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>&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="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: rgb(242,242,242)">&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="text-align: justify">Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">827,962</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">31,127</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">11,778</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Current tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">288,208</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">277,812</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">10,829</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify">Customer advances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">324,623</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&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="text-align: justify; padding-bottom: 1pt">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">1,011,037</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">2,783,376</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD>&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>&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="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total 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: rgb(242,242,242); 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">3,526,638</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; 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 STYLE="font-weight: bold">&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="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity and 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: rgb(242,242,242); 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">16,861,419</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; 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 STYLE="font-weight: bold">&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; text-align: justify">&nbsp;</P>

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<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"><B>Consolidated Condensed Interim Statement of Cash
Flows</B></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 <BR>
September 30,</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period ended <BR>
September 30,</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="color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">2021</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&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><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><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: 40%; 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">608,070</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%; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 12%; color: black; font-weight: bold; text-align: right; background-color: white">326,235</TD><TD STYLE="white-space: nowrap; width: 1%; color: black; font-weight: bold; text-align: left; background-color: white">&nbsp;</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">1,745,529</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">717,182</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; 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><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">142,488</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">148,465</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">428,588</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">442,561</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">72,639</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">12,197</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">118,590</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">11,630</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">(5,295</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">(154,139</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">)</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">(196,001</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">(379,109</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">6,763</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">(490</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">)</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">5,152</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">(12,537</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">(1,210</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">4,618</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">9,269</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">14,216</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Reclassification of currency translation adjustment reserve</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">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">(71,252</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">-</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">(601,242</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">(275,622</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">)</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">(1,408,341</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">(672,712</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify; padding-bottom: 1pt">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">19,914</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: white">(8,360</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: white">)</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&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">11,741</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">(48,186</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; padding-bottom: 1pt">Net cash 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">242,127</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">52,904</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&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">643,275</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">73,045</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><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><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">(129,457</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">(74,306</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">)</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">(270,800</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">(170,871</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">14,062</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">1,308</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">(5,793</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">(4,420</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Acquisition of subsidiaries, net of cash acquired</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">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">(4,082</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">-</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</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">772</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">9,016</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">46,768</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">14,355</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Investment in companies under cost method</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">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">(692</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">)</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">-</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">(692</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: justify">Dividends received from 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">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">45,488</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">49,131</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">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">128,746</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: white">35,500</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&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">85,175</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">278,423</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; padding-bottom: 1pt">Net cash provided by (used in) 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">14,123</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">(29,174</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&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">(103,244</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">165,926</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><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; 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><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">Dividends paid</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">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">(330,584</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">(165,275</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">Dividends paid to non-controlling interest in subsidiaries</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">(10,432</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">(148</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">)</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">(10,432</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">(3,355</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">Changes in non-controlling interests</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">(5,128</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">-</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">(3,506</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">-</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">(10,431</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">(11,917</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">)</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">(38,836</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">(38,221</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">497,982</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">289,579</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">1,349,718</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">575,698</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; padding-bottom: 1pt">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">(352,411</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: white">(370,438</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: white">)</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&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">(793,587</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">(674,325</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; padding-bottom: 1pt">Net cash provided by (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">119,580</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">(92,924</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&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">172,773</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">(305,478</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 STYLE="padding-bottom: 1pt">&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; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&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="border-top: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Increase (decrease) 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">375,830</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">(69,194</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&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">712,804</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">(66,507</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="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; 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; 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><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">635,928</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">585,239</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">&nbsp;</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">(20,955</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="color: black; text-align: right; background-color: white">(2,380</TD><TD STYLE="white-space: nowrap; color: black; text-align: left; background-color: white">)</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">(40,068</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">(4,411</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Increase (decrease) 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">375,830</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right; background-color: white">(69,194</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: black; text-align: left; background-color: white">)</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&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">712,804</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">(66,507</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&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">990,803</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">513,665</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&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">990,803</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">513,665</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"><B>&nbsp;</B></P>

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<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"><B></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alternative performance measures should be considered
in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.</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">EBITDA, Earnings before interest, tax, depreciation
and amortization.</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 recurring 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; text-align: justify">EBITDA = Net income for the period + Income tax
charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment
charges/(reversals)</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">EBITDA is a non-IFRS alternative performance measure.</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">Three-month period ended <BR>
September 30,</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">Nine-month period ended <BR>
September 30,</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><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; 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: 48%; text-align: left">Income for continuing operations</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">608,070</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">326,235</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; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; background-color: #F2F2F2">1,745,529</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">717,182</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">171,239</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">58,505</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">359,010</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">117,202</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Equity in earnings of non-consolidated companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">(5,295</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">(154,139</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">(196,001</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">(379,109</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Financial Results</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">29,111</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">308</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">41,686</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">(21,081</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">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">142,488</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">148,465</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&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">428,588</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">442,561</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">945,613</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">379,374</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</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">2,378,812</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">876,755</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Free Cash Flow</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
- Capital expenditures.</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 non-IFRS alternative performance measure.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900"></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="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">Three-month period ended <BR>
September 30,</TD><TD STYLE="border-top: Black 1pt solid; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">Nine-month period ended <BR>
September 30,</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><TD STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">&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="width: 48%; text-align: left">Net cash provided by operating activities</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">242,127</TD><TD STYLE="white-space: nowrap; width: 1%; color: black; 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">52,904</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</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">643,275</TD><TD STYLE="white-space: nowrap; width: 1%; color: black; 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">73,045</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Capital expenditures</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">(129,457</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">(74,306</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&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">(270,800</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">(170,871</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="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">112,670</TD><TD STYLE="white-space: nowrap; color: black; 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">(21,402</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">372,475</TD><TD STYLE="white-space: nowrap; color: black; 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">(97,826</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; color: #009900">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009900">Net Cash / (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; text-align: justify">This is the net balance of cash and cash equivalents,
other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial
solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company&rsquo;s
leverage, financial strength, flexibility and risks.</P>

<P STYLE="font: 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 - Borrowings (Current and Non-Current).</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 a non-IFRS alternative performance measure.</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"><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 September 30,</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">994,854</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">513,781</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">434,566</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">457,861</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">144,222</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">369,079</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">1,284</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">3,381</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">(827,962</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">(402,237</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">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">(47,164</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">(111,442</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</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">699,800</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">830,423</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&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">Operating working capital days</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">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; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operating working capital days is a non-IFRS alternative performance
measure.</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">&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">(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">At September 30,</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">3,679,135</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">2,477,445</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">2,013,660</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">1,111,174</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">(324,623</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">(56,738</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">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">(1,011,037</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">(791,424</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; padding-bottom: 1pt">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">4,357,135</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">2,740,457</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="text-align: left; padding-bottom: 1pt">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">11,899,204</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">7,014,972</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="text-align: left; padding-bottom: 1pt">Operating working capital days</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">134</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">143</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>

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<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>

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