<SEC-DOCUMENT>0001171843-22-007158.txt : 20221107
<SEC-HEADER>0001171843-22-007158.hdr.sgml : 20221107
<ACCEPTANCE-DATETIME>20221107135015
ACCESSION NUMBER:		0001171843-22-007158
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221107
DATE AS OF CHANGE:		20221107

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:		221364864

	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_110322fs.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>As of 3 November, 2022</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Yes __ No <FONT STYLE="font-family: Symbol"><U>&Ouml;</U></FONT>
&#9;</P>

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

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

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt">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 S.A. Consolidated Condensed
Interim Financial Statements for the nine-month period ended September 30, 2022.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: 3 November, 2022</P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">By: /s/ Cecilia Bilesio&#9;</P>

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

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

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><B><IMG SRC="cover.jpg" ALT="">&nbsp;</B></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="color: #009900; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>CONSOLIDATED CONDENSED INTERIM INCOME STATEMENT</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period ended <BR>September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Notes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; font-size: 10pt; text-align: justify">Net sales</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">3</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,974,801</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">1,753,743</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: #F2F2F2">8,142,316</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">4,464,043</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Cost of sales</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">4</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,766,486</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,214,451</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(5,023,770</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,211,232</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Gross profit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,208,315</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">539,292</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,118,546</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,252,811</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">5</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(403,435</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(316,708</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,180,097</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(868,519</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating income (expense), net</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">6</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,755</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,325</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">11,775</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">49,902</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Operating income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">803,125</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">230,909</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,950,224</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">434,194</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">26,998</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,988</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">42,264</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,203</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance Cost</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(17,741</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,320</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(25,703</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(16,826</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other financial results</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">7</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(38,368</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,024</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(58,247</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,704</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">774,014</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">230,601</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,908,538</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">455,275</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in earnings of non-consolidated companies</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">15</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">5,295</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">154,139</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">196,001</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">379,109</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">779,309</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">384,740</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,104,539</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">834,384</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Income tax</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(171,239</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(58,505</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(359,010</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(117,202</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Income for the period</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">608,070</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">326,235</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,745,529</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">717,182</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">606,470</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">329,871</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,745,962</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">730,157</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,600</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,636</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(433</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(12,975</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">608,070</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">326,235</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,745,529</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">717,182</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Earnings per share attributable to shareholders' equity during the period:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Weighted average number of ordinary shares (thousands)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,180,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,180,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,180,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,180,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Basic and diluted earnings per share (U.S. dollars per share)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">0.51</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.28</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1.48</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.62</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per ADS (U.S. dollars per ADS) <SUP>(*)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1.03</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.56</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2.96</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.24</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Each ADS equals two shares.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements. These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited
Consolidated Financial Statements and notes for the fiscal year ended December&nbsp;31, 2021.</P>

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

<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; color: #009900; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; color: #009900; font-size: 10pt; text-align: left"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE
INCOME</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Three-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">September 30,</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Nine-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">September 30,</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; font-size: 10pt; font-weight: bold; text-align: left">Income for the period</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">608,070</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right">326,235</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,745,529</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right">717,182</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Items that may be subsequently reclassified to profit or loss:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(51,983</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(41,178</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(98,996</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(58,712</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Reclassification of currency translation adjustment reserve <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(71,252</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Change in value of cash flow hedges and instruments at fair value</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">8,069</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,411</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">749</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,967</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax relating to components of other comprehensive income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(503</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,915</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">From participation in non-consolidated companies:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;- Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(7,308</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14,290</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,173</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,486</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;- Changes in the fair value of derivatives held as cash flow hedges and others</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(246</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">490</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,341</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(186</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(51,468</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(51,070</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(170,667</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(63,332</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Items that will not be reclassified to profit or loss:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Remeasurements of post employment benefit obligations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(301</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">893</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax on items that will not be reclassified</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(140</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,700</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Remeasurements of post employment benefit obligations of non-consolidated companies</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(308</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(242</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(820</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,739</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(308</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(214</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,261</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,932</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Other comprehensive (loss) for the period</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(51,776</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(51,284</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(171,928</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(61,400</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total comprehensive income for the period</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">556,294</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">274,951</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,573,601</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">655,782</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">555,210</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">278,258</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,574,892</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">665,867</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,084</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,307</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,291</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(10,085</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">556,294</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">274,951</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,573,601</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">655,782</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>As result of NKKTubes&rsquo; definitive cease of operations,
the currency translation adjustment reserve belonging to the shareholders has been reclassified with impact in the income statement. For
more information see note 35 to the Company&rsquo;s audited Consolidated Financial Statements for the year ended December 31, 2021.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements. These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited
Consolidated Financial Statements and notes for the fiscal year ended December&nbsp;31, 2021.</P>

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

<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; color: #009900; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; color: #009900; font-size: 10pt; text-align: left"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: rgb(242,242,242)">At September 30, 2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; 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; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Notes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="background-color: rgb(242,242,242); white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; font-size: 10pt; text-align: left; text-indent: 9pt">Property, plant and equipment, net</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">9</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">5,640,329</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">5,824,801</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Intangible assets, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">10</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">1,347,892</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,372,176</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Right-of-use assets, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">11</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">112,342</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">108,738</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Investments in non-consolidated companies</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">1,536,439</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,383,774</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">NC</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">12</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">150,489</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">320,254</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">NCA</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,080</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Deferred tax assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">264,843</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">245,547</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Receivables, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">220,312</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">9,272,646</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">205,888</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">9,468,258</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Inventories, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">3,679,135</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,672,593</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Receivables and prepayments, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">208,287</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">96,276</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Current tax assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">212,093</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">193,021</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Trade receivables, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">2,013,660</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,299,072</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">CA</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">46,178</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,235</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">C</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">12</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">434,566</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">397,849</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">12</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">994,854</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">7,588,773</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">318,127</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">4,981,173</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">16,861,419</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,449,431</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">13,204,886</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,960,578</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">129,895</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">145,124</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">13,334,781</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">12,105,702</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">LIABILITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">47,164</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">111,432</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Lease liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">11</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">84,922</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">82,694</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Deferred tax liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">284,549</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">274,721</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Other liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">235,309</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">231,681</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Provisions</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">91,318</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">743,262</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">83,556</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">784,084</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">827,962</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">219,501</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Lease liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">11</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">31,127</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34,591</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">CL</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">11,778</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,328</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Current tax liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">288,208</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">143,486</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Other liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">277,812</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">203,725</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">10,829</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,322</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Customer advances</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">324,623</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92,436</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Trade payables</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">1,011,037</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">2,783,376</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">845,256</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,559,645</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">3,526,638</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,343,729</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity and liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">16,861,419</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,449,431</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements. These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited
Consolidated Financial Statements and notes for the fiscal year ended December&nbsp;31, 2021.</P>

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

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

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #009900; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES
IN EQUITY</B></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Shareholders' equity</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Share Capital <SUP>(1)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Legal Reserves</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Share Premium</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Currency Translation Adjustment</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Other Reserves <SUP>(2)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Retained Earnings <SUP>(3)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Non-</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">controlling interests</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: justify; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; background-color: rgb(242,242,242)">(Unaudited)</TD><TD STYLE="font-size: 8pt; font-weight: bold; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; font-size: 8pt; font-weight: bold; text-align: justify">Balance at December 31, 2021</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,180,537</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">118,054</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">609,733</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(1,051,133</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(336,200</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">11,439,587</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">11,960,578</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">145,124</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">12,105,702</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Income (loss) for the period</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,745,962</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,745,962</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(433</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,745,529</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left">Currency translation adjustment</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">(98,380</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(98,380</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">(616</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(98,996</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">Reclassification of currency translation adjustment reserve <SUP>(4)</SUP></FONT></TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">(71,252</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(71,252</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(71,252</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left">Remeasurements of post employment benefit obligations, net of taxes</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">(471</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(471</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">30</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(441</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">1,021</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,021</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">(272</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">749</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left; padding-bottom: 1pt">From other comprehensive income of non-consolidated companies</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">1,173</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">(3,161</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(1,988</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(1,988</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Other comprehensive (loss) for the period</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(168,459</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(2,611</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(171,070</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(858</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(171,928</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">Total comprehensive income (loss) for the period</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(168,459</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(2,611</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,745,962</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,574,892</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(1,291</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,573,601</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left">Acquisition and other changes in non-controlling interests</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">(3,506</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(3,506</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left; padding-bottom: 1pt">Dividends paid</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">(330,584</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(330,584</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: rgb(242,242,242)">(10,432</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(341,016</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance at September 30, 2022</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,180,537</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">118,054</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">609,733</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(1,219,592</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(338,811</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">12,854,965</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">13,204,886</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">129,895</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">13,334,781</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Shareholders' equity</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Share Capital <SUP>(1)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal Reserves</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Share Premium</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency Translation Adjustment</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Other Reserves <SUP>(2)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Retained Earnings <SUP>(3)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Non-</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">controlling interests</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; font-size: 8pt; font-weight: bold; text-align: justify">Balance at December 31, 2020</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right">1,180,537</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right">118,054</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right">609,733</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right">(958,374</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right">(345,217</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right">10,658,155</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right">11,262,888</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right">183,585</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right">11,446,473</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Income (loss) for the period</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">730,157</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">730,157</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(12,975</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">717,182</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left">Currency translation adjustment</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(58,507</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(58,507</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(205</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(58,712</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left">Remeasurements of post employment benefit obligations, net of taxes</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(807</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(807</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(807</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(1,043</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(1,043</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,095</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">2,052</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left; padding-bottom: 1pt">From other comprehensive income of non-consolidated companies</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(6,486</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,553</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(3,933</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(3,933</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Other comprehensive (loss) income for the period</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(64,993</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">703</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(64,290</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">2,890</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(61,400</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">Total comprehensive income (loss) for the period</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(64,993</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">703</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">730,157</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">665,867</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(10,085</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">655,782</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">Acquisition and other changes in non-controlling interests <SUP>(5)</SUP></FONT></TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8,584</TD><TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">8,584</TD><TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 8pt; text-align: left; padding-bottom: 1pt">Dividends paid</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(165,275</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(165,275</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(3,355</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(168,630</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance at September 30, 2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,180,537</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">118,054</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">609,733</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(1,023,367</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(344,514</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">11,223,037</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">11,763,480</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">178,729</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">11,942,209</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(1)</SUP> The Company has an authorized share capital of a single
class of 2.5 billion shares having a nominal value of USD1.00 per share. As of September 30, 2022 and 2021 there were 1,180,536,830 shares
issued. All issued shares are fully paid.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(2)</SUP> Other reserves includes mainly the result of transactions
with non-controlling interest that do not result in a loss of control, the remeasurement of post-employment benefit obligations and the
changes in value of cash flow hedges and in financial instruments measured at fair value through other comprehensive income.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(3)</SUP> The restrictions to the distribution of profits and payment
of dividends according to Luxembourg Law are disclosed in note 16.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(4)</SUP> Related to NKKTubes&rsquo; cease of operations. For more
information see note 35 to the Company&rsquo;s audited Consolidated Financial Statements for the year ended December 31, 2021.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(5)</SUP> Mainly related to the agreement for the construction of
Tenaris Baogang Baotou Steel Pipes Ltd.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements. These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited
Consolidated Financial Statements and notes for the fiscal year ended December&nbsp;31, 2021.</P>

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

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

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

<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Nine-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">September 30,</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">Notes</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; font-size: 10pt; font-weight: bold; text-align: justify">Income for the period</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">1,745,529</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right">717,182</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Adjustments for:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">9, 10 &amp; 11</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">428,588</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">442,561</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Income tax accruals less payments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">118,590</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,630</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">15</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(196,001</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(379,109</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Interest accruals less payments, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">5,152</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">9,269</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,216</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Reclassification of currency translation adjustment reserve <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(71,252</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in working capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(1,408,341</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(672,712</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Currency translation adjustment and others</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">11,741</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(48,186</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">643,275</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">73,045</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Capital expenditures</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">9 &amp; 10</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(270,800</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(170,871</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in advance to suppliers of property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(5,793</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,420</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Acquisition of subsidiaries, net of cash acquired</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">20</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(4,082</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Investment in companies under cost method</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(692</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from disposal of property, plant and equipment and intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">46,768</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,355</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends received from non-consolidated companies</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">15</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">45,488</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">49,131</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Changes in investments in securities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">85,175</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">278,423</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash (used in) provided by investing activities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">(103,244</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">165,926</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Dividends paid</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">8</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(330,584</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(165,275</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid to non-controlling interest in subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(10,432</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,355</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Changes in non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(3,506</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Payments of lease liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(38,836</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(38,221</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">1,349,718</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">575,698</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Repayments of borrowings</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(793,587</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(674,325</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash provided by (used in) financing activities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">172,773</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(305,478</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Increase (decrease) in cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">712,804</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(66,507</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Movement in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">At the beginning of the period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">318,067</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">584,583</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Effect of exchange rate changes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(40,068</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,411</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Increase (decrease) in cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">712,804</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(66,507</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At September 30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">990,803</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">513,665</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; font-size: 10pt; text-align: justify">Cash and bank deposits</TD><TD STYLE="width: 1%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">994,854</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">513,781</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Bank overdrafts</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(4,051</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(116</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">990,803</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">513,665</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Related to NKKTubes&rsquo; cease of operations. For more
information see note 35 to the Company&rsquo;s audited Consolidated Financial Statements for the year ended December 31, 2021.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements. These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited
Consolidated Financial Statements and notes for the fiscal year ended December&nbsp;31, 2021.</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 6%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">1</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 94%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">General information</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Accounting policies and basis of presentation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Segment information</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cost of sales</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Selling, general and administrative expenses</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Other operating income (expense), net</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Financial results</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Dividend distribution</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Property, plant and equipment, net</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">10</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Intangible assets, net</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">11</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Right-of-use assets, net and lease liabilities</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">12</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cash and cash equivalents and other investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">13</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Derivative financial instruments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">14</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Category of financial instruments and classification within the fair value hierarchy</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">15</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Investments in non-consolidated companies</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">16</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Contingencies, commitments and restrictions to the distribution of profits</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">17</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cancellation of title deed in Saudi Steel Pipe Company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">18</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Foreign exchange control measures in Argentina</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">19</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Related party transactions </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">20</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Business Combinations</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">21</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Agreement for acquisition of Benteler Steel &amp; Tube Manufacturing Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">22</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Nationalization of Venezuelan Subsidiaries</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">23</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">The Russia-Ukraine armed conflict and its impact on Tenaris&rsquo;s operations</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">24</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Subsequent events</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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

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

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

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

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    <!-- Field: /Page -->

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

<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>1</B></TD><TD STYLE="text-align: justify"><B>General information </B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris S.A. (the &quot;Company&quot;) was established as a public limited
liability company (<I>soci&eacute;t&eacute; anonyme</I>) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company
holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses.
References in these Consolidated Condensed Interim Financial Statements to &ldquo;Tenaris&rdquo; refer to Tenaris S.A. and its consolidated
subsidiaries. A list of the principal Company&rsquo;s subsidiaries is included in note 32 to the Company&rsquo;s audited Consolidated
Financial Statements for the year ended December 31, 2021.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company&rsquo;s shares trade on the Italian Stock Exchange and the
Mexican Stock Exchange, and its American Depositary Securities (&ldquo;ADS&rdquo;) trade on the New York Stock Exchange.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements were approved
for issuance by the Company&rsquo;s Board of Directors on November 3, 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2</B></TD><TD STYLE="text-align: justify"><B>Accounting policies and basis of presentation</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements have been prepared
in accordance with IAS 34, &ldquo;Interim Financial Reporting&rdquo; as issued by the International Accounting Standard Board (&ldquo;IASB&rdquo;)
and as adopted by the European Union (&ldquo;EU&rdquo;). The accounting policies used in the preparation of these Consolidated Condensed
Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December
31, 2021. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial
Statements for the year ended December 31, 2021, which have been prepared in accordance with International Financial Reporting Standards
(&ldquo;IFRS&rdquo;) as issued by the IASB and in conformity with IFRS as adopted by the EU.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The preparation of Consolidated Condensed Interim Financial Statements
requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities
and the disclosure of contingent assets and liabilities as of the balance sheet dates, and the reported amounts of revenues and expenses
for the reported periods. Actual results may differ from these estimates. The main areas involving significant estimates or judgments
are impairment of goodwill, long-lived assets and investments in associates; income taxes; obsolescence of inventory; loss contingencies;
allowance for trade receivables; post-employment benefits; business combinations; useful lives of property, plant and equipment and other
long-lived assets; fair value estimation of certain financial instruments and property title ownership restriction. During the period
there were no material changes in the significant accounting estimates and judgements.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company is carefully assessing the potential impact of climate change
and the energy transition on its business in terms of the risks to its markets and its physical assets and is adapting its business strategy
accordingly. These events did not impact materially management judgments and estimates used in the preparation of these Consolidated Condensed
Interim Financial Statements.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Material intercompany transactions, balances and unrealized gains (losses)
on transactions between Tenaris&rsquo;s subsidiaries have been eliminated in consolidation. However, since the functional currency of
some subsidiaries is their respective local currency, some financial gains (losses) arising from intercompany transactions are generated.
These are included in the Consolidated Condensed Interim Income Statement under <I>Other financial results</I>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">There were no significant changes in valuation techniques during the period
and there have been no changes in any risk management policies since the year ended December 31, 2021.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">None of the accounting pronouncements applicable after December 31, 2021,
and as of the date of these Consolidated Condensed Interim Financial Statements had a material effect on the Company&rsquo;s financial
condition or result of its operations.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Whenever necessary, certain comparative amounts have been reclassified
to conform to changes in presentation in the current period.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 1 -->
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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3</B></TD><TD STYLE="text-align: justify"><B>Segment information</B></TD></TR></TABLE>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"><I>(All amounts in millions of U.S. dollars)</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Nine-month period ended September 30, 2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Tubes</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Other</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - Net Sales</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">7,667</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">475</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">8,142</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,618</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">50</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,668</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Difference in cost of sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">201</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">13</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">214</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses), net and others</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">72</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">72</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,887</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">63</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,950</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Financial income (expense), net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(42</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,908</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">196</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,104</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Capital expenditures</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">269</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">271</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">414</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">15</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">429</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Nine-month period ended September 30, 2021</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tubes</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - Net Sales</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,084</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">380</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,464</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">15</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">49</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">64</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Difference in cost of sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">357</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">375</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses), net and others</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">368</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">66</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">434</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Financial income (expense), net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">455</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">379</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">834</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Capital expenditures</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">158</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">13</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">171</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">428</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">15</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">443</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">In the nine-month period ended September
30, 2022 and 2021, transactions between segments, which were eliminated in consolidation, are mainly related to sales of scrap, energy,
surplus raw materials and others from the Other segment to the Tubes segment for $48.5 million and $25.4 million respectively.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">There are no material differences between the IFRS and management views
in total revenues and by reportable segments.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The differences between operating income under the IFRS and management
views are mainly related to the cost of goods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement
cost considered for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other timing differences.
Additionally, for the nine-month period ended September 30, 2022, operating income under the IFRS view includes the effect of the reclassification
of the currency translation adjustment reserve related to NKK Tubes&rsquo; definitive cease of operations, not impacting the management
view. For more information see note II.C &ldquo;Segment information&rdquo; in the Company&rsquo;s audited Consolidated Financial Statements
for the year ended December 31, 2021.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">In addition to the amounts reconciled
above, the main differences in net income arise from the impact of functional currencies on financial result, deferred income taxes as
well as the result of investment in non-consolidated companies.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">North America</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">South America</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Europe</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Middle East &amp; Africa</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Asia Pacific</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Nine-month period ended September 30, 2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: justify">Net sales</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">4,769,615</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">1,664,350</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">786,310</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">714,374</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">207,667</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">8,142,316</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Capital expenditures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">90,295</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">121,499</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">40,895</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">2,226</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">15,885</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">270,800</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">245,595</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">84,518</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">55,541</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">25,445</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">17,489</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">428,588</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Nine-month period ended September 30, 2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Net sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,211,704</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">901,515</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">533,895</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">641,632</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">175,297</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4,464,043</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Capital expenditures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">72,298</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,846</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,570</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,918</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,239</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">170,871</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">222,688</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">96,614</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">69,822</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,592</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,845</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">442,561</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 11; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Allocation of net sales to geographical information is based on the final
destination of the products sold. Allocation of depreciation and amortization is based on the geographical location of the underlying
assets.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">There are no revenues from external customers attributable to the Company&rsquo;s
country of incorporation (Luxembourg). The principal countries from which the Company derives its revenues are USA, Argentina, Mexico,
Canada, Colombia, Italy and Brazil.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: black">Revenue is mainly recognized at a point in time
to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance
of the product by the customer. </FONT>In the nine-month period ended September 30, 2022 and 2021, r<FONT STYLE="color: black">evenues
related to governmental institutions represented approximately 21% and 24% respectively.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tubes segment revenues by market:</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"><I>(All amounts in millions of U.S. dollars)</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period ended September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Revenues Tubes</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Oil and Gas</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">6,521</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">3,349</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Hydrocarbon Processing and Power Generation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">542</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">309</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Industrial and Other</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">604</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">426</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">7,667</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,084</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4</B></TD><TD><B>Cost of sales</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period ended September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; font-weight: bold; text-align: justify">Inventories at the beginning of the period</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,672,593</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right">1,636,673</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Plus: Charges of the period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Raw materials, energy, consumables and other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,167,217</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,738,616</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Services and fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">215,932</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">147,781</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Labor cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">840,899</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">590,970</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">324,034</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">333,686</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">8,525</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,699</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">26,704</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26,389</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Maintenance expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">199,765</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">103,563</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Allowance for obsolescence</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">9,304</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,822</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">112,507</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29,991</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">125,425</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">67,379</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">6,030,312</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4,063,896</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Less: Inventories at the end of the period including inventories transferred to assets held for sale <SUP>(*)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,679,135</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,489,337</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">5,023,770</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,211,232</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> As of September 30, 2021 the balances of Geneva Structural
Tubes LLC were classified as held for sale following the sale agreement with MKK USA Inc., a subsidiary of Maruichi Steel Tube Ltd of
Japan, for the sale of the Company&rsquo;s 100% ownership interest.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5</B></TD><TD><B>Selling, general and administrative expenses</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period ended September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify">Services and fees</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">109,696</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">82,495</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Labor cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">383,915</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">313,616</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">15,893</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,942</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">41,595</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,107</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">11,837</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,738</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Commissions, freight and other selling expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">466,087</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">289,387</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Provisions for contingencies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">11,716</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,235</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Allowances for doubtful accounts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(627</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,085</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">81,125</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">54,096</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">58,860</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31,988</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,180,097</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">868,519</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6</B></TD><TD><B>Other operating income (expense), net</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period ended September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%"><FONT STYLE="font-size: 10pt">(i) </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 65%"><FONT STYLE="font-size: 10pt"><I>Other operating income</I></FONT></TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2; width: 12%">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; width: 12%">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Net income from other sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">25,377</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,199</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Net rents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,822</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,905</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Reclassification of currency translation adjustment reserve <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">71,252</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Other <SUP>(**)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">41,388</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">100,451</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">54,492</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"> <FONT STYLE="font-size: 10pt"><I>Other operating expenses</I></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Contributions to welfare projects and non-profits organizations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(8,993</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,022</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Allowance for doubtful receivables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(977</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">432</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Securities Exchange Commission investigation settlement <SUP>(***)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(78,100</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(606</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(88,676</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(4,590</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">11,775</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">49,902</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> As result of NKKTubes&rsquo; definitive cease of operations,
the currency translation adjustment reserve belonging to the shareholders has been reclassified with impact in the income statement. For
more information see note 35 to the Company&rsquo;s audited Consolidated Financial Statements for the year ended December 31, 2021.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(**)</SUP> On 13 May 2021, the Brazilian Supreme Court issued a final
judgment which confirmed that the methodology for calculating PIS and COFINS (Federal Social Contributions on Gross Revenues) tax claims
to which taxpayers are entitled to, should exclude from its base the total output of ICMS, calculated on a gross basis. This decision
led to a recognition of approximately $51 million tax credit in Brazilian subsidiaries, out of which $34 million were recognized in other
operating income and $17 million in financial results. In addition the tax charge related to this gain amounted to approximately $18 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(***)</SUP> For more information see note 16 &ldquo;Contingencies,
commitments and restrictions to the distribution of profits - Contingencies - Petrobras-related proceedings and claims&rdquo;.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7</B></TD><TD><B>Financial results</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period ended September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 70%; font-size: 10pt; text-align: justify">Interest Income</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">56,130</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">32,203</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Net result on changes in FV of financial assets at FVTPL</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(13,866</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Finance Income <SUP>(*)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">42,264</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">32,203</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Finance Cost</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(25,703</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">(16,826</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Net foreign exchange transactions results</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(5,322</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">11,739</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Foreign exchange derivatives contracts results (**)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(22,879</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">(5,239</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other (***)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(30,046</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(796</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Other Financial results</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(58,247</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">5,704</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net Financial results</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(41,686</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">21,081</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> <I>Finance Income:</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The nine-month period ended September 2022 and 2021 includes $20 million
and $2.2 million of interest related to instruments carried at FVTPL, respectively.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The nine-month period ended September 2022 also includes a realized loss
of $10.5 million related to the change in FV of certain financial instruments obtained in an operation of settlement of trade receivables.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The nine-month period ended September 2021 also includes approximately
$17 million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see note
6.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(**) </SUP><I>Foreign exchange derivatives contracts results:</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The nine-month period ended September 2022 includes mainly losses on derivatives
covering net receivables in Brazilian real, together with losses on derivatives covering net liabilities in Euro and Japanese yen, partially
offset by gains on derivatives covering trade receivables in Canadian dollar.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The nine-month period ended September 2021 includes mainly losses on derivatives
covering net liabilities in Japanese yen and Euro, partially offset by gains on derivatives covering net receivables in Brazilian real.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The nine-month period ended September 2022 includes a loss of $29.8 million
related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders. For
more information see note 18.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8</B></TD><TD><B>Dividend distribution </B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On May 3, 2022, the Company&rsquo;s Shareholders approved an annual dividend
in the amount of $0.41 per share ($0.82 per ADS). The amount approved included the interim dividend previously paid in November 24, 2021
in the amount of $0.13 per share ($0.26 per ADS). The balance, amounting to $0.28 per share ($0.56 per ADS), was paid on May 25, 2022,
for an amount of approximately $331 million. In the aggregate, the interim dividend paid in November 2021 and the balance paid in May
2022 amounted to approximately $484 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On May 3, 2021, the Company&rsquo;s Shareholders approved an annual dividend
in the amount of $0.21 per share ($0.42 per ADS). The amount approved included the interim dividend previously paid in November 25, 2020
in the amount of $0.07 per share ($0.14 per ADS). The balance, amounting to $0.14 per share ($0.28 per ADS), was paid on May 26, 2021,
for an amount of approximately $165 million. In the aggregate, the interim dividend paid in November 2020 and the balance paid in May
2021 amounted to approximately $248 million.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9</B></TD><TD><B>Property, plant and equipment, net</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">Nine-month period ended September 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify; background-color: white">Opening net book amount</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">5,824,801</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">6,193,181</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(62,634</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(33,837</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Increase due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">187</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">246,541</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">152,861</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Disposals / Consumptions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(31,021</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(21,175</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Transfers / Reclassifications</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,382</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,287</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Transferred to assets held for sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,979</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation charge</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(339,927</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(350,628</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At September 30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">5,640,329</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,937,710</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Related to Parques E&oacute;licos de la Buena Ventura S.A.
acquisition, for more information see note 20.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">See note 17 for a description of certain restricted assets with a carrying
value of $56.2 million held in Saudi Arabia by the Company&rsquo;s subsidiary Saudi Steel Pipe Company (&ldquo;SSPC&rdquo;), in which
Tenaris holds a 47.79%.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10</B></TD><TD><B>Intangible assets, net</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">Nine-month period ended September 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify; background-color: white">Opening net book amount</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,372,176</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">1,429,056</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(24</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,362</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Increase due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,018</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">24,259</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,010</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Disposals / Consumptions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(35</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,283</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Transfers / Reclassifications</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,382</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,817</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Amortization charge</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(50,120</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(53,806</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At September 30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,347,892</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,384,798</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Related to Parques E&oacute;licos de la Buena Ventura S.A.
acquisition, for more information see note 20.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11</B></TD><TD><B>Right-of-use assets, net and lease liabilities</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B><I>Right-of-use assets, net evolution</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify; background-color: white">Nine-month period ended September 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify; background-color: white">Opening net book amount</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">108,738</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">241,953</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(950</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(637</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">46,398</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,033</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Disposals / Consumptions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,303</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,045</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; background-color: white">Depreciation charge</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(38,541</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(38,127</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt; background-color: white">At September 30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">112,342</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">215,177</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B><I>Right-of-use assets, net by underlying category</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Land and Civil Buildings</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">22,835</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">22,077</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Industrial Buildings, Plant and Production Equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">74,923</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">77,089</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Vehicles, furniture and fixtures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">13,549</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,572</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,035</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">112,342</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">108,738</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Depreciation of right-of-use assets was mainly included in Tubes segment.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B><I>Lease liabilities evolution</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Nine-month period ended September 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Opening net book amount</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">117,285</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">257,343</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,812</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,796</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">46,382</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,997</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Cancellations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,563</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,805</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Repayments of lease liabilities including interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(41,727</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(40,206</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest accrued</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,484</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,586</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt; background-color: white">At September 30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">116,049</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">220,119</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of September 30, 2022, the amount of remaining payments with maturity
less than 1 year, between 2 and 5 years and more than 5 years is approximately 27%, 45% and 28% of the total remaining payments, respectively.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of September 30, 2021, the amount of remaining payments with maturity
less than 1 year, between 2 and 5 years and more than 5 years is approximately 18%, 41% and 41% of the total remaining payments, respectively.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12</B></TD><TD><B>Cash and cash equivalents and other investments</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Cash at banks</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">174,990</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: white">167,455</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Liquidity funds</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">234,767</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">105,697</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Short &ndash; term investments</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">585,097</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">44,975</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">994,854</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">318,127</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Other investments - current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">261,926</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">158,107</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">172,640</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">239,742</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">434,566</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">397,849</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Other investments - non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">144,222</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">312,619</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Others</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">6,267</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">7,635</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">150,489</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">320,254</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13</B></TD><TD><B>Derivative financial instruments</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Derivatives hedging borrowings and investments</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,025</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">2,472</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other derivatives</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">44,153</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,843</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Contracts with positive fair values</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">46,178</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">11,315</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Derivatives hedging borrowings and investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">741</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">147</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other derivatives</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">11,037</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,181</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Contracts with negative fair values</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">11,778</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">11,328</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>14</B></TD><TD STYLE="text-align: justify"><B>Category of financial instruments and classification within the fair value hierarchy</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table illustrates the three hierarchical levels for valuing
financial instruments at fair value and those measured at amortized cost as of September 30, 2022 and December 31, 2021.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">Measurement
    Categories</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">At
    Fair Value</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">September 30,
    2022</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">Carrying
    amount</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">Amortized
    Cost</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">Fair
    Value</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">Level
    1</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">Level
    2</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">Level
    3</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">Assets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Cash
    and cash equivalents</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">994,854</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">760,087</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">234,767</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">234,767</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Other investments</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">434,566</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">172,640</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">261,926</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">261,926</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Fixed
    Income (time-deposit, zero coupon bonds, commercial papers)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">172,640</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">172,640</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 9pt">Non - U.S. Sovereign Bills</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">45,700</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">45,700</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 9pt">Certificates of Deposits</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">31,212</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">31,212</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 9pt">Other notes</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">95,728</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">95,728</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Bonds
    and other fixed income</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">261,926</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">261,926</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">261,926</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 9pt">Non - U.S. government securities</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">147,866</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">147,866</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">147,866</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 9pt">Corporates
    securities</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">114,060</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">114,060</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">114,060</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Derivative financial
    instruments</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">46,178</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">46,178</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">46,178</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Other Investments
    Non-current</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">150,489</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">150,489</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">144,222</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">6,267</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 9pt">Bonds and other fixed income</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">144,222</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">144,222</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">144,222</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 9pt">Other investments</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">6,267</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">6,267</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">6,267</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Trade receivables</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">2,013,660</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">2,013,660</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt"><B><I>Receivables
    C and NC <SUP>(*)</SUP></I></B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">428,599</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">90,927</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">48,659</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">48,659</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 9pt">Other receivables</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">139,586</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">90,927</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">48,659</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">48,659</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 9pt">Other
    receivables (non-financial)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">289,013</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">3,037,314</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">742,019</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">640,915</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">46,178</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">54,926</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Borrowings C and
    NC</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">875,126</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">875,126</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Trade payables</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">1,011,037</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">1,011,037</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Lease Liabilities
    C and NC</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">116,049</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">116,049</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 9pt">Derivative
    financial instruments</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">11,778</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">11,778</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">11,778</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">2,002,212</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">11,778</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">11,778</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 9pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; background-color: white">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">Measurement Categories</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">At Fair Value</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left; background-color: white">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">Carrying amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">Amortized Cost</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">Fair Value</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">Level 2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">Level 3</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left; background-color: white">Assets</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">318,127</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">212,430</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">105,697</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">105,697</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Other investments</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">397,849</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">239,742</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">158,107</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">158,107</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left; background-color: white">Fixed income (time-deposit, zero coupon bonds, commercial papers)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">239,742</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">239,742</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: 8pt; background-color: white">Certificates of deposits</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">94,414</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">94,414</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: 8pt; background-color: white">Commercial papers</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">30,062</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">30,062</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: 8pt; background-color: white">Other notes</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">115,266</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">115,266</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left; background-color: white">Bonds and other fixed income</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">158,107</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">158,107</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">158,107</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: 8pt; background-color: white">Non - U.S. government securities</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">10,660</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">10,660</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">10,660</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left; text-indent: 8pt; background-color: white">Corporates securities</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">147,447</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">147,447</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">147,447</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Derivative financial instruments</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">11,315</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">11,315</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">11,315</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Other Investments Non-current</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">320,254</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">320,254</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">312,619</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">7,635</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: 8pt; background-color: white">Bonds and other fixed income</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">312,619</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">312,619</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">312,619</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: 8pt; background-color: white">Other investments</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">7,635</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">7,635</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">7,635</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Trade receivables</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">1,299,072</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">1,299,072</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white"><FONT STYLE="font-size: 9pt"><B><I>Receivables C and NC <SUP>(*)</SUP></I></B></FONT></TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">302,164</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">85,220</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">48,659</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">48,659</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: 8pt; background-color: white">Other receivables</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">133,879</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">85,220</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">48,659</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">48,659</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left; text-indent: 8pt; background-color: white">Other receivables (non-financial)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">168,285</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left; background-color: white">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">1,836,464</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">644,032</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">576,423</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">11,315</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">56,294</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; background-color: white">Liabilities</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Borrowings C and NC</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">330,933</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">330,933</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Trade payables</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">845,256</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">845,256</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Lease Liabilities C and NC</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">117,285</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">117,285</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Derivative financial instruments</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">11,328</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">11,328</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">11,328</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">1,293,474</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">11,328</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">11,328</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Includes balances related to non-current derivative financial
instruments and interest in our Venezuelan companies, see note 22.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">There were no transfers between Levels during the period.</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The fair value of financial instruments traded in active markets is based
on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from
an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring
market transactions on an arm&rsquo;s length basis. The quoted market price used for financial assets held by the Company is the current
bid price. These instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The fair value of financial instruments that are not traded in an active
market (such as certain debt securities, certificates of deposits with original maturity of more than three months, forward and interest
rate derivative instruments) is determined by using valuation techniques which maximize the use of observable market data when available
and rely as little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable,
the instrument is included in Level 2. The Company values its assets and liabilities included in this level using bid prices, interest
rate curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market contributors as of
the valuation date.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The fair value of all outstanding derivatives is determined using specific
pricing models that include inputs that are observable in the market or can be derived from or corroborated by observable data. The fair
value of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency,
based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If one or more of the significant inputs are not based on observable market
data, the instruments are included in Level 3. The Company values its assets and liabilities in this level using observable market inputs
and management assumptions which reflect the Company&rsquo;s best estimate on how market participants would price the asset or liability
at measurement date. Main balances included in this level correspond to the Company&rsquo;s interest in Venezuelan companies, see note
22.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Borrowings are comprised primarily of fixed rate debt and variable rate
debt with a short term portion where interest has already been fixed. They are classified under other financial liabilities and measured
at their amortized cost. The Company estimates that the fair value of its main financial liabilities is approximately 98.6% of its carrying
amount including interests accrued as of September 30, 2022 as compared with 99.6% as of December 31, 2021. Fair values were calculated
using standard valuation techniques for floating rate instruments and comparable market rates for discounting flows.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15</B></TD><TD STYLE="text-align: justify"><B>Investments in non-consolidated companies</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">This note supplements and should be read in conjunction with note 13 to
the Company&rsquo;s audited Consolidated Financial Statements for the year ended December 31, 2021.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period ended September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the period</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,383,774</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">957,352</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,173</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,486</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">230,042</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">379,109</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Impairment loss in non-consolidated companies <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(34,041</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Dividends and distributions received <SUP>(**)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(41,348</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(55,469</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">(Decrease) /increase in equity reserves and others</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,161</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,553</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">At the end of the period</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,536,439</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,277,059</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Includes an impairment of $19.1 million related to the investment
in Usiminas and $14.9 million related to the joint venture with PAO Severstal (&ldquo;Severstal&rdquo;). For more information see note
23.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(**) </SUP>Related to Ternium and Usiminas. During 2022 and 2021 $45.5
million and $49.1 million respectively were collected.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><I>a)</I></TD><TD><I>Ternium</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">Ternium S.A. (&ldquo;Ternium&rdquo;)
is a steel producer with production facilities in Mexico, Argentina, Brazil, Colombia, United States and Guatemala and is one of Tenaris&rsquo;s
main suppliers of round steel bars and flat steel products for its pipes business.</FONT></P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of September 30, 2022, the closing price of Ternium&rsquo;s ADSs as
quoted on the New York Stock Exchange was $27.39 per ADS, giving Tenaris&rsquo;s ownership stake a market value of approximately $629
million. As of that date, the carrying value of Tenaris&rsquo;s ownership stake in Ternium, based on Ternium&rsquo;s Consolidated Financial
Statements, was approximately $1,370 million. The Company reviews its participation in Ternium whenever events or circumstances indicate
that the asset&rsquo;s carrying amount may not be recoverable. As of September 30, 2022, the Company concluded that the carrying amount
did not exceed the recoverable value of the investment.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><I>b)</I></TD><TD STYLE="text-align: justify"><I>Usiminas</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Usinas Sider&uacute;rgicas de Minas Gerais S.A. (&ldquo;Usiminas&rdquo;)
is a Brazilian producer of high-quality flat steel products used in the energy, automotive and other industries.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of September 30, 2022, the closing price of the Usiminas&rsquo; ordinary
and preferred shares, as quoted on the B3 - Brasil Bolsa Balc&atilde;o S.A, was BRL8.20 ($1.52) and BRL7.52 ($1.39), respectively, giving
Tenaris&rsquo;s ownership stake a market value of approximately $57.1 million. As of that date, the carrying value of Tenaris&rsquo;s
ownership stake in Usiminas was approximately $104.8 million, net of impairment charges of $19.1 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company reviews its participation in Usiminas whenever events or circumstances
indicate that the asset&rsquo;s carrying amount may not be recoverable. As of September 30, 2022, the Company conducted an impairment&nbsp;test
and - mainly due to the lower expectations of steel demand and market steel prices, together with a worsened global macroeconomic situation
that derived in the increase in discount rates - wrote down its investment in Usiminas by $19.1 million. The value-in-use was used to
determine the recoverable value. Value-in-use was calculated discounting the estimated cash flows over a five-year period based on forecasts
approved by management. For the subsequent years beyond the five-year period, a terminal value was calculated based on perpetuity considering
a nominal growth rate of 2%. The discount rate used for such test was 13.5% and is based on the respective weighted average cost of capital
(&ldquo;WACC&rdquo;), which is considered to be a good indicator of capital cost. The main factors that could result in additional impairment
charges in future periods would be an increase of the discount rate, or a deterioration of the macroeconomic situation, steel demand and
prices. Management has considered and assessed reasonably possible changes in the key assumptions and have not identified any instances
that could give rise to an additional material impairment charge over its investment in Usiminas.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><I>c)</I></TD><TD><I>Techgen</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen S.A. de C.V. (&ldquo;Techgen&rdquo;) is a Mexican company that
operates a natural gas-fired combined cycle electric power plant in the Pesquer&iacute;a area of the State of Nuevo Le&oacute;n, Mexico.
The company started producing energy on December 1, 2016, with a power capacity of 900 MW. As of September 30, 2022, Tenaris held 22%
of Techgen&rsquo;s share capital, and its affiliates, Ternium and Tecpetrol Investments S.L. (Unipersonal) (a wholly-owned subsidiary
of San Faustin S.A., the controlling shareholder of both Tenaris and Ternium), held 48% and 30% respectively. As of September 30, 2022,
the carrying value of Tenaris&rsquo;s ownership stake in Techgen was approximately $37.2 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">Techgen entered into certain transportation
capacity agreements, equipment and other services related to the equipment, and an agreement for the purchase of clean energy certificates.
As of September 30, 2022, Tenaris&rsquo;s exposure under these agreements amounted to $43.3 million, $0.9 million and $17.3 million respectively.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen&rsquo;s sponsors granted certain subordinated loans to Techgen.
As of September 30, 2022, the aggregate outstanding principal amount under these subordinated loans was $264.2 million, of which $58.1
million correspond to Tenaris&rsquo;s contribution.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">On February 13, 2019, Techgen entered
into a $640 million syndicated loan agreement with several banks to refinance an existing loan, resulting in the release of certain corporate
guarantees previously issued by Techgen&rsquo;s shareholders to secure the replaced facility.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The existing syndicated loan agreement is non-recourse on the sponsors.
Techgen&rsquo;s obligations thereunder are guaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights),
account pledges and certain direct agreements &ndash;customary for these type of transactions&ndash;. The commercial terms and conditions
governing the purchase by the Company&rsquo;s Mexican subsidiary, Tubos de Acero de M&eacute;xico, S.A. (&ldquo;Tamsa&rdquo;), of 22%
of the energy generated by Techgen remain substantially unchanged.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Under the loan agreement, Techgen is committed to maintain a debt service
reserve account covering debt service becoming due during two consecutive quarters; such account is funded by stand-by letters of credit
issued for the account of Techgen&rsquo;s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company
applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of September 30, 2022, amounted to $10.3
million.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><I>d)</I></TD><TD STYLE="text-align: justify"><I>Global Pipe Company</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Global Pipe Company (&ldquo;GPC&rdquo;) is a Saudi-German joint venture,
established in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW pipes. Tenaris, through its subsidiary SSPC, currently
owns 35% of the share capital of GPC. As of September 30, 2022, the carrying value of Tenaris&rsquo;s ownership stake in GPC was approximately
$21.9 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">SSPC and the other three owners of GPC have issued corporate guarantees
to secure repayment of loan agreements entered into by GPC, with the Saudi Investment Development Fund, the Saudi British Bank, the National
Commercial Bank and Banque Saudi Fransi to finance GPC&rsquo;s capital expenditures and working capital. As of September 30, 2022, SSPC
had issued guarantees for an aggregate amount of up to $84 million.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><B>16</B></TD><TD><B>Contingencies, commitments and restrictions to the distribution of profits </B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B><I>(i)</I></B></TD><TD STYLE="text-align: justify"><B><I>Contingencies</I></B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris is from time to time subject to various claims, lawsuits and other
legal proceedings, including customer, employee, tax and environmental-related claims, in which third parties are seeking payment for
alleged damages, reimbursement for losses, or indemnity. Management with the assistance of legal counsel periodically reviews the status
of each significant matter and assesses potential financial exposure.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Some of these claims, lawsuits and other legal proceedings involve highly
complex issues, and often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation
of damages are difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings,
the Company is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding.
In those cases, the Company has not accrued a provision for the potential outcome of these cases.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If a potential loss from a claim, lawsuit or other proceeding is considered
probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate
of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and
take into consideration litigation and settlement strategies. In a limited number of ongoing cases, the Company was able to make a reliable
estimate of the expected loss or range of probable loss and, depending on the likelihood of occurrence, in some of such cases has accrued
a provision for such loss but believes that publication of this information on a case-by-case basis would seriously prejudice the Tenaris&rsquo;s
position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed
information with respect to the nature of the contingency but has not disclosed its estimate of the range of potential loss.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company believes that the aggregate provisions recorded for potential
losses in these Consolidated Condensed Interim Financial Statements are adequate based upon currently available information. However,
if management&rsquo;s estimates prove incorrect, current reserves could be inadequate and the Company could incur a charge to earnings
which could have a material adverse effect on its results of operations, financial condition, net worth and cash flows.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Below is a summary
description of Tenaris&rsquo;s material legal proceedings which are outstanding as of the date of these Consolidated Condensed Interim
Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is believed to be material.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 17.3pt"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal"><I>CSN claims relating to the January 2012 acquisition
of Usiminas</I></FONT></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Confab, a Brazilian subsidiary of the Company, is one of the defendants
in a lawsuit filed in Brazil by Companhia Sider&uacute;rgica Nacional (&ldquo;CSN&rdquo;) and various entities affiliated with CSN against
Confab and several Ternium subsidiaries that acquired a participation in Usiminas&rsquo; control group in January 2012.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The CSN lawsuit alleges that, under applicable Brazilian laws and rules,
the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas&rsquo; ordinary shares for a
price per share equal to 80% of the price per share paid in such acquisition, or BRL28.8, and seeks an order to compel the acquirers to
launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas
not belonging to Usiminas&rsquo; control group, and Confab would have a 17.9% share in that offer.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On September 23, 2013, the first instance court dismissed the CSN lawsuit,
and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On August 18, 2017, CSN filed
an appeal to the Superior Court of Justice seeking the review and reversal of the decision issued by the Court of Appeals. On March 5,
2018, the court of appeals ruled that CSN&rsquo;s appeal did not meet the requirements for submission to the Superior Court of Justice
and rejected the appeal. On May 8, 2018, CSN appealed against such ruling and on January 22, 2019, the court of appeals rejected it and
ordered that the case be submitted to the Superior Court of Justice. On September 10, 2019, the Superior Court of Justice declared CSN&rsquo;s
appeal admissible. Decisions at the Superior Court of Justice are taken by simple majority. On October 4, 2022, a 5-judge panel of the
Superior Court of Justice began its process for rendering a decision on the merits of the case. The reporting judge of the panel voted
in favor of granting CSN&rsquo;s appeal and ordering the defendants to pay damages to CSN; however, the voting on the case was subsequently
adjourned to a future session to be determined by the panel. It is not yet known when the new session will take place or whether all the
remaining four judges in the panel will express their votes at that session or seek further adjournments. At this time, the Company cannot
predict how each of the other four judges will vote on the matter.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company continues to believe that all of CSN&rsquo;s claims and allegations
are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities
regulator (&ldquo;CVM&rdquo;) in February 2012 and December 2016, and the first and second instance court decisions referred to above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 14.2pt; text-align: right"></TD><TD STYLE="width: 17.3pt"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal"><I>Veracel celulose accident litigation</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On September 21, 2007, an accident occurred in the premises of Veracel
Celulose S.A. (&ldquo;Veracel&rdquo;) in connection with a rupture in one of the tanks used in an evaporation system manufactured by Confab.
The Veracel accident allegedly resulted in material damages to Veracel. Ita&uacute; Seguros S.A. (&ldquo;Ita&uacute;&rdquo;), Veracel&rsquo;s
insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (&ldquo;Chubb&rdquo;), initiated a lawsuit against
Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against
Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered
by insurance. Ita&uacute; and Veracel claimed that the Veracel accident was caused by failures and defects attributable to the evaporation
system manufactured by Confab. Confab believes that the Veracel accident was caused by the improper handling by Veracel&rsquo;s personnel
of the equipment supplied by Confab in violation of Confab&rsquo;s instructions. The two lawsuits were consolidated and are considered
by the 6th Civil Court of S&atilde;o Caetano do Sul. However, each lawsuit will be adjudicated separately.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On September 28, 2018, Confab and Chubb entered into a settlement agreement
pursuant to which on October 9, 2018, Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for
the accident or the claim.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On October 10, 2018, Confab was notified that the court had issued rulings
for both lawsuits. Both decisions were unfavorable to Confab:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 10.2pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">With respect to Chubb&rsquo;s claim, the court subsequently homologated the above-mentioned settlement
and, accordingly, the claim was finalized.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 10.2pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">With respect to Veracel&rsquo;s claim, Confab was ordered to pay the insurance deductible and other concepts
not covered by insurance, currently estimated to amount to BRL90.9 million (approximately $16.8 million) including interest, fees and
expenses. Both parties filed motions for clarification against the court&rsquo;s decision, which were partially granted. Although the
contract between Confab and Veracel expressly provided that Confab would not be liable for damages arising from lost profits, the court
award would appear to include BRL77.9 million (approximately $14.4 million) of damages arising therefrom. Confab has additional defense
arguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision,
and on April 30, 2019, Veracel filed its response to the appeal. In June 2022, the court resolved that it lacked jurisdiction to decide
on the appeal and the parties are currently waiting for the re-allocation of the case to another court. At this stage the Company cannot
predict the outcome of the claim or the amount or range of loss in case of an unfavorable outcome.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Petrobras-related proceedings and claims</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company is aware that Brazilian, Italian and Swiss authorities investigated
whether certain payments were made prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts
allegedly linked to individuals related to Petr&oacute;leo Brasileiro S.A. (&ldquo;Petrobras&rdquo;) and whether any such payments were
intended to benefit the Company&rsquo;s Brazilian subsidiary Confab.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Upon learning of the investigation, the Audit Committee of the Company's
Board of Directors engaged external counsel in connection with the Company&rsquo;s review of these matters. In addition, the Company voluntarily
notified the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) and the U.S. Department of Justice (&ldquo;DOJ&rdquo;) in October
2016. The Company conducted, with the assistance of external counsel, an internal investigation and found no evidence corroborating any
involvement by the Company or its directors, officers or employees in respect of improper payments. An internal investigation commissioned
by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or advantage from Petrobras in return for payments,
including improperly obtained contracts. On June 2, 2022, the Company resolved the investigation by the SEC, and the DOJ informed that
it had closed its parallel inquiry without taking action. Under the settlement with the SEC, the Company neither admits nor denies the
SEC&rsquo;s findings and on June 24, 2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million for a civil penalty
to conclude the matter.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In July 2019, the Company learned that the public prosecutors&rsquo; office
of Milan, Italy, had completed a preliminary investigation into the same alleged payments and had included in the investigation, among
other persons, the Company&rsquo;s Chairman and Chief Executive Officer, two other board members, Gianfelice Rocca and Roberto Bonatti,
and the Company&rsquo;s controlling shareholder, San Faustin. The Company is not a party to the proceedings. On March 22, 2022, upon completion
of the evidentiary phase of the trial, the acting prosecutor requested the first-instance court in Milan in charge of the case to impose
sanctions on our Chairman and Chief Executive Officer, on the other two board members, and on San Faustin. The Company&rsquo;s outside
counsel in Italy advised the Company that neither the case file nor the prosecutor&rsquo;s request contain or identify any evidence of
involvement in, or knowledge of, the alleged wrongdoing by any of the three directors. On May 26, 2022, the first-instance court dismissed
the case brought by the public prosecutor against the defendants for lack of jurisdiction and stated that the criminal proceeding should
not have been initiated. On October 7, 2022, the public prosecutor filed an appeal against the first-instance court&rsquo;s decision.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In June 2020, the Brazilian public prosecutors&rsquo; office requested
the indictment of several individuals, including three executives or former executives of Confab and a former agent of Confab, charging
them with the alleged crimes of corruption in relation to contracts executed between 2007 and 2010, and money laundering in relation to
payments between 2009 and 2013. These criminal proceedings are underway. Neither the Company nor Confab is a party to these criminal proceedings.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition, Petrobras and the Brazilian public prosecutors filed civil
claims for damages against, among others, Confab and the Confab executives named in the criminal proceedings referred to above. Confab
became aware of these civil claims in September 2022. As of September 30, 2022, the aggregate amount of these claims was estimated at
BRL284 million (or approximately $52.5 million). The plaintiffs also seek that Confab be prohibited from contracting with, or receiving
benefits or exemptions from, the Brazilian state for an unspecified term. Confab believes these claims do not address either the defense
arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions and is vigorously contesting them.
At this stage, the Company cannot predict the outcome of these civil proceedings.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 14.2pt; text-align: right"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal"><I>Putative class actions</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Following the Company&rsquo;s November 27, 2018, announcement that its
Chairman and CEO Paolo Rocca had been included in an Argentine court investigation known as the Notebooks Case (a decision subsequently
reversed by a higher court), two putative class action complaints were filed in the U.S. District Court for the Eastern District of New
York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &ldquo;In re Tenaris S.A. Securities Litigation&rdquo;,
and appointed lead plaintiffs and lead counsel. On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly on behalf
of purchasers of Tenaris securities during the putative class period of May 1, 2014, through December 5, 2018. The individual defendants
named in the complaint are Tenaris&rsquo;s Chairman and CEO and Tenaris&rsquo;s former CFO. The complaint alleges that during the class
period, the Company and the individual defendants inflated the Tenaris share price by failing to disclose that the nationalization proceeds
received by Ternium (in which the Company held an 11.46% stake) when Sidor was expropriated by Venezuela were received or expedited as
a result of allegedly improper payments made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking.
On October 9, 2020, the court granted in part and denied in part the defendants&rsquo; motions to dismiss. The court partially granted
and partially denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted the
motions to dismiss as to all claims against San Faustin, Techint, and Tenaris&rsquo;s former CFO. The case is now proceeding based on
the claims that survived the motion to dismiss. Management believes the Company has meritorious defenses to these claims; however, at
this stage Tenaris cannot predict the outcome of the claim or the amount or range of loss in case of an unfavorable outcome.</P>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 14.2pt; text-align: right"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Administrative proceeding concerning Brazilian tax credits</I></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Confab is a party to an administrative proceeding concerning the recognition
and transfer of tax credits for an amount allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer.
The proceeding resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly undue credits, which
was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&rsquo;s appeal, thereby
upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision and is
currently awaiting a resolution. In case of an unfavorable resolution, Confab may appeal before the courts. The estimated amount of this
claim is BRL58.6 million (approximately $10.8 million). At this stage, the Company cannot predict the outcome of this claim.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 14.2pt; text-align: right"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>U.S. patent infringement litigation</I></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris Coiled Tubes, LLC (&ldquo;TCT&rdquo;), a U.S. subsidiary of the
Company, was sued in 2017 by its competitor Global Tubing, alleging defamatory conduct by TCT and seeking a declaration that certain Global
Tubing products do not infringe patents held by TCT. TCT subsequently counterclaimed that certain Global Tubing products infringe patents
held by TCT, Global Tubing has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed an amended complaint
(including the Company as defendant), alleging that TCT and the Company misled the patent office in order to monopolize the coiled tubing
market for quench and tempered products. On March 26, 2021, a magistrate to the principal judge in the case found that Global Tubing had
established a <I>prima facie</I> case that TCT had misled the patent office by failing to disclose a previous attempt to quench and temper
coiled tubing. Global Tubing&rsquo;s antitrust claim was dismissed by the principal judge in the case on October 7, 2022, and the judge
is now expected to decide whether the patents are enforceable against Global Tubing. TCT believes that it has meritorious defenses to
this claim. Trial is expected to take place between April and May of 2023. At this time, it is not possible to predict the outcome of
this matter or estimate the range of potential losses that may result from the resolution of this claim.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>U.S. Antidumping Duty and Countervailing Duty Investigations</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; 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. The investigations were initiated on the basis
of a petition by U.S. Steel Tubular Products, Inc., a small number of other U.S. domestic welded OCTG producers, and a steelworkers&rsquo;
union. On November 22, 2021, the International Trade Commission (&ldquo;ITC&rdquo;) made a preliminary determination of injury, allowing
the investigations to proceed. Subsequently, the DOC issued affirmative preliminary and final antidumping determinations with respect
to imports from Argentina, Mexico and Russia, and final affirmative countervailing duty determinations with respect to imports from Russia
and from some Korean exporters. On October 27, 2022, the ITC determined that the imports under investigation caused injury to the U.S.
OCTG industry, bringing the investigation phase to a conclusion. As a result of the investigation, and unless overturned on appeal, Tenaris
is required to pay antidumping duty deposits (at a rate of 78.30% for imports from Argentina and 44.93% for imports from Mexico) until
such time the imports are reviewed by the DOC to determine whether final duties are necessary for the specific period under review. Tenaris
has been paying such deposits since May 11, 2022, reflecting the amount of such deposits in its production costs. The deposit rates may
be reset periodically based on the results of the review process. It is possible that, through the periodic review process, the deposits
may be either returned to Tenaris in whole or in part, or may be increased. Agency determinations are appealable before&nbsp;the Court
of International Trade.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B><I>(ii)</I></B></TD><TD STYLE="text-align: justify"><B><I>Commitments and guarantees</I></B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Set forth is a description of the Tenaris&rsquo;s main outstanding commitments:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Certain subsidiaries of the Company entered into a contract with Praxair S.A. for the service of oxygen
and nitrogen supply. As of September 30, 2022, the aggregate amount to take or pay the committed volumes for an original 14-year term
totaled approximately $40.6 million.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through
December 1, 2041) with Techgen for the supply of 197 MW (which represents 22% of Techgen&rsquo;s capacity). Monthly payments are determined
on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as
long as Techgen&rsquo;s existing or replacing bank facility has been repaid in full), the Company&rsquo;s subsidiary has the right to
suspend or early terminate the contract if the rate payable under the agreement is higher than the rate charged by the <I>Comisi&oacute;n
Federal de Electricidad</I> (&ldquo;CFE&rdquo;) or its successors. The Company&rsquo;s subsidiary may instruct Techgen to sell to any
affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Company&rsquo;s
subsidiary will benefit from the proceeds of such sale.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A U.S. subsidiary of the Company is a party to a contract with Nucor Steel Memphis Inc. under which it
is committed to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The
contract became effective upon delivery of the first purchase order, which occurred in April 2021, and will remain in force for a 3-year
term. As of September 30, 2022, the estimated aggregate contract amount calculated at current prices, is approximately $120 million. The
contract gives the subsidiary of the Company the right to temporarily reduce the quantities to be purchased thereunder to 75% of the agreed-upon
minimum volume in cases of material adverse changes in prevailing economic or market conditions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into
a 6-year master distribution agreement (the &ldquo;MDA&rdquo;) with PAO TMK (&ldquo;TMK&rdquo;) whereby, since January 2, 2020, Tenaris
is the exclusive distributor of TMK&rsquo;s OCTG and line pipe products in United States and Canada. At the end of the MDA&rsquo;s 6-year
term, TMK will have the option to extend the duration of its term for an additional 12-month period. Under the MDA, the Company is required
to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products, based on the aggregate market demand for the relevant
product category in the United States in the relevant year. In February 2022, however, the Company and TMK agreed that there shall be
no minimum yearly purchase requirement for the OCTG product category for the year ending December 31, 2022, and there shall be no minimum
yearly purchase requirement for TMK line pipe products under the MDA neither for the contract year ending December 31, 2022, nor for any
subsequent contract year until expiration of the MDA&rsquo;s term. For further information, see note 26 to the Company&rsquo;s Consolidated
Financial Statements for the year ended December 31, 2021.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A subsidiary of the Company entered into a contract with the supplier Voestalpine Grobblech GmbH from
which it committed to purchase carbon steel for a total amount of approximately $88.5 million to use for manufacturing pipes related to
the NFXP-QatarGas project.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Certain subsidiaries of the Company entered into agreements with Vestas Group for the supply of materials
and services related to the construction of a wind farm in Argentina. As of September 30, 2022, the remaining amount related to this commitment
was $59.5 million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Certain subsidiaries of the Company entered into a one-year contract, renewable for one additional year,
with Ternium USA, Inc., under which they are committed to purchase on a monthly basis specified minimum volumes of steel coils. The contract
is effective since March 2022, with deliveries beginning in July 2022 until June 2023. As of September 30, 2022, the aggregate commitment
totaled approximately $14.8 million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Certain subsidiaries of the Company entered into a contract with Usiminas from which they committed to
purchase steel coils for a total amount of approximately $312.9 million to use for manufacturing welded pipes for the construction of
the Presidente Nestor Kirchner Gas Pipeline (&ldquo;GPNK&rdquo;) in Argentina.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition, Tenaris (i) applied for stand-by letters of credit as well
as corporate guarantees covering certain obligations of Techgen as described in note 15 (c), (ii) issued corporate guarantees securing
certain obligations of GPC, as described in note 15 (d); and (iii) issued performance guarantees mainly related to long term commercial
contracts with several customers and parent companies for approximately $3.6 billion as of September 30, 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B><I>(iii)</I></B></TD><TD><B><I>Restrictions to the distribution of profits and payment of dividends</I></B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In accordance with Luxembourg Law, the Company is required to transfer
a minimum of 5% of its net profit for each financial year to a legal reserve until such reserve equals 10% of the issued share capital.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of September 30, 2022, this reserve is fully allocated and additional
allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company may pay dividends to the extent, among other conditions, that
it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17</TD><TD>Cancellation of title deed in Saudi Steel Pipe Company</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">In early 2021, the
Company learned through the Saudi Ministry of Justice&rsquo;s online portal that the electronic title deeds to certain land plots of its
Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court order.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">The affected land plots,
with a total surface of 811,284 square meters, are located in Dammam, Saudi Arabia, and were purchased from a private entity on February
2010, pursuant to a written purchase agreement duly executed by SSPC in full compliance with the laws of the Kingdom of Saudi Arabia.
The purchase of the land occurred before Tenaris&rsquo;s acquisition of a 47.79% interest in SSPC in 2019. The affected plots are not
part of the production facility of SSPC, have been partially used as a warehouse, and have a carrying value on Tenaris&rsquo;s financial
statements of $56.2 million.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of the date hereof, neither the cancellation nor the court order have
been notified to SSPC or otherwise been made public by the authorities, and the legal basis for the court order is unknown. On May 4,
2021, SSPC filed a petition with an ad-hoc newly-created special committee at the Saudi Ministry of Justice, seeking to have its title
deeds reinstated. At this time, it is not possible to predict the outcome of this matter.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18</B></TD><TD STYLE="text-align: justify"><B>Foreign exchange control measures in Argentina</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Beginning in September 2019, the Argentine government has imposed and continues
to impose significant restrictions on foreign exchange transactions. Restrictions have tightened significantly over time, including in
recent weeks. The main currently applicable measures are described below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#9642;</TD><TD STYLE="text-align: justify">Foreign
currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange market and converted into Argentine
pesos within 60 days (if made to related parties) or 180 days (if made to unrelated parties) from shipment date, or, if collected earlier,
within five days of collection.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top"><TD STYLE="text-align: justify; width: 20px"></TD><TD STYLE="text-align: justify; width: 20px">&#9642;</TD><TD STYLE="text-align: justify">Foreign
currency proceeds from exports of services must be sold into the Argentine foreign exchange market and converted into Argentine pesos
within five business days of collection.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top"><TD STYLE="text-align: justify; width: 20px"></TD><TD STYLE="text-align: justify; width: 20px">&#9642;</TD><TD STYLE="text-align: justify">Access
to the Argentine foreign exchange market to pay for imports of services rendered by related parties (including royalties) is generally
subject to Argentine Central Bank approval. Effective October 17, 2022, the Argentine Central Bank put in place a new regulation on import
of services rendered by non-related parties, pursuant to which the Argentine Central Bank may clear or not the payment of import of services
and, if cleared, may determine a payment term equal or different to that being requested. There are no rules on the conditions upon which
the Argentine Central Bank may clear or determine alternative payment terms. This new regulation is scheduled to replace previous rules
by November 1, 2022.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top"><TD STYLE="text-align: justify; width: 20px"></TD><TD STYLE="text-align: justify; width: 20px">&#9642;</TD><TD STYLE="text-align: justify">Access
to the Argentine foreign exchange market to pay for imports of goods is subject to several restrictions. For example, advance payments
or at sight cannot be made, and companies cannot access the official foreign exchange market if they hold cash or investments in excess
of $100 thousands. Earlier this year, the Argentine government imposed additional limits to the amount of import payments that could
be made by any single company per month or per year; companies that exceed such limits were required to obtain import financing of at
least 180 days from the date of nationalization of the goods, except to the extent the goods qualify under a very limited number of exceptions,
such as the import of capital goods and certain raw materials. Effective October 17, 2022, the Argentine government implemented a new
system, known as the SIRA system, pursuant to which the Argentine government may clear or not the payment of imports and, if cleared,
may determine a payment term equal or different to that being requested. There are no objective conditions upon which the Argentine government
may clear the payment of imports or determine alternative payment terms under the SIRA system. The exceptions for the import of capital
goods and certain raw materials, including many of those used by the Company&rsquo;s Argentine subsidiaries, will continue to exist under
the SIRA system.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top"><TD STYLE="text-align: justify; width: 20px"></TD><TD STYLE="text-align: justify; width: 20px">&#9642;</TD><TD STYLE="text-align: justify">Negotiations
with the Argentine authorities to raise the foregoing limits and/or expand the list of exceptions to obtain access to foreign currency
to pay for import of goods (including raw materials to manufacture goods in Argentina) are ongoing.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif;  width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 80%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><FONT STYLE="font-size: 8pt"><I>For the nine-month period ended September 30, 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 20%"><IMG SRC="logohdr.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top"><TD STYLE="text-align: justify; width: 20px"></TD><TD STYLE="text-align: justify; width: 20px">&#9642;</TD><TD STYLE="text-align: justify">Access
to the Argentine foreign exchange market to pay debt service (principal and interest) for financial debts with related parties requires
prior Argentine Central Bank approval, unless the loan proceeds are sold in the Argentine foreign exchange market and converted into
Argentine pesos after October 2, 2020, and such debts carry an average life of no less than 2 years.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top"><TD STYLE="text-align: justify; width: 20px"></TD><TD STYLE="text-align: justify; width: 20px">&#9642;</TD><TD STYLE="text-align: justify">Debts
with foreign creditors larger than $2 million maturing on or before December 31, 2023, need to be refinanced in at least 60% of outstanding
principal and for a minimum period of 2 years.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top"><TD STYLE="text-align: justify; width: 20px"></TD><TD STYLE="text-align: justify; width: 20px">&#9642;</TD><TD STYLE="text-align: justify">Access
to the Argentine foreign exchange market to make dividend payments requires prior Argentine Central Bank approval.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">When required, Argentine Central Bank approvals are rarely, if ever, granted.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris&rsquo;s financial position in Argentine peso as of September 30,
2022, amounted to a net short exposure of approximately $126 million. As of September 30, 2022, the total net equity of Argentine subsidiaries
represented approximately 10% of Tenaris&rsquo;s total equity and the sales performed by Argentine subsidiaries during the nine-month
period ended on September 30, 2022, amounted approximately to 18.7% of Tenaris&rsquo;s total sales. Assets and liabilities denominated
in Argentine peso as of September 30, 2022, have been valued at the prevailing official exchange rates.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Management continues to monitor closely the evolution of the main variables
affecting its business, identifying the potential impact thereof on its financial and economic situation and determining the appropriate
course of action in each case. The Company&rsquo;s Consolidated Condensed Interim Financial Statements should be read taking into account
these circumstances.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">This context of volatility and uncertainty remains in place as of the issue
date of these Consolidated Condensed Interim Financial Statements. If restrictions to access the official foreign exchange market continue
to be maintained, or are further tightened, our Argentine subsidiaries could be restricted from making payment of imports for key steelmaking
inputs (which would adversely affect their operations), or would need to resort to alternative, more expensive arrangements (which would
adversely affect their results of operations).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On August 19, 2022, the Board of Directors of Siderca S.A.I.C., an Argentine
subsidiary of the Company, approved the distribution of a dividend in kind of approximately ARS 7,394 million paid in Argentine sovereign
bonds, which in the Argentine market had a valuation of approximately $54.4 million. Considering that, as a result of the foreign exchange
restrictions described above, the value of such bonds in the international market was approximately $24.6 million, the Company recorded
a loss of approximately $29.8 million in <I>Other Financial Results.</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19</B></TD><TD STYLE="text-align: justify"><B>Related party transactions</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of September 30, 2022:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 198.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">San Faustin S.A., a Luxembourg <I>soci&eacute;t&eacute; anonyme</I> (&ldquo;San Faustin&rdquo;), owned
713,605,187 shares in the Company, representing 60.45% of the Company&rsquo;s capital and voting rights.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings
S.&agrave;.r.l., a Luxembourg <I>soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e</I> (&ldquo;Techint&rdquo;), who
is the holder of record of the above-mentioned Tenaris shares.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located
in the Netherlands (Stichting) (&ldquo;RP STAK&rdquo;) held voting shares in San Faustin sufficient in number to control San Faustin.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">No person or group of persons controls RP STAK.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Based on the information most recently available to the Company, Tenaris&rsquo;s
directors and senior management as a group owned 0.08% of the Company&rsquo;s outstanding shares.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Transactions and balances disclosed as with &ldquo;non-consolidated parties&rdquo;
are those with companies over which Tenaris exerts significant influence or joint control in accordance with IFRS, but does not have control.
All other transactions and balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed
as &ldquo;Other&rdquo;.</P>

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

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

<!-- Field: Page; Sequence: 25; Value: 1 -->
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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following transactions were carried out with related parties:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine-month period ended September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify; background-color: white">(i)</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify; background-color: white">Transactions</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(a) Sales of goods and services</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white; width: 4%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white; width: 66%">Sales of goods to non-consolidated parties</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">82,572</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">52,171</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Sales of goods to other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">111,056</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">44,841</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Sales of services to non-consolidated parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,565</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,032</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Sales of services to other related parties</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">80,337</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">30,889</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">277,530</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">130,933</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(b) Purchases of goods and services</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Purchases of goods to non-consolidated parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">381,941</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">222,452</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Purchases of goods to other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">35,946</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,599</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Purchases of services to non-consolidated parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">10,797</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,617</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Purchases of services to other related parties</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">27,251</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,093</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">455,935</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">261,761</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE=" width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At September 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; background-color: white; width: 4%">(ii)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; background-color: white; width: 66%">Period-end balances</TD><TD STYLE="font-size: 10pt; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; width: 12%">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(a) Arising from sales / purchases of goods / services / others</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Receivables from non-consolidated parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">64,055</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66,896</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Receivables from other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">60,445</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33,122</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Payables to non-consolidated parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(73,735</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(45,092</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Payables to other related parties</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(9,222</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,125</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">41,543</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">52,801</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(b) Financial debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Finance lease liabilities from non-consolidated parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,574</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,936</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Finance lease liabilities from other related parties</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(469</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(624</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(2,043</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,560</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition to the tables above, the Company issued various guarantees
in favor of Techgen and GPC; for further details, please see note 15 (c and d) and note 16 (ii). No other material guarantees were issued
in favor of other related parties.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20</B></TD><TD STYLE="text-align: justify"><B>Business Combinations</B></TD></TR></TABLE>

<P STYLE="color: #000099; font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In connection with the construction of a wind farm in Argentina, in April
2022, Tenaris acquired 100% of the shares of Parques E&oacute;licos de la Buena Ventura S.A. for a price of $4.1 million, which was fully
paid. The fair value of the acquired assets and liabilities amounted to $4.1 million, the same value of the consideration paid. Accordingly,
no goodwill was recognized.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><BR>
If the acquisition had occurred on January 1, 2022, Tenaris&rsquo;s unaudited pro forma net sales and net income from continuing operations
would not have changed materially.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21</B></TD><TD STYLE="text-align: justify"><B>Agreement for acquisition of Benteler Steel &amp; Tube Manufacturing Corporation</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On July 7, 2022, the Company entered into a definitive agreement to acquire
from Benteler North America Corporation, a Benteler Group company, 100% of the shares of Benteler Steel &amp; Tube Manufacturing Corporation
for an aggregate price of $460 million, on a cash-free, debt-free basis. The acquisition will include approximately $52 million of working
capital.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The transaction is subject to regulatory approvals, including approval
by the U.S. antitrust authorities, consent by Louisiana Economic Development and other local entities, and other customary conditions.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Benteler Steel &amp; Tube Manufacturing Corporation is a U.S. producer
of seamless steel pipe, with an annual pipe rolling capacity of up to 400,000 metric tons at its production facility located in Shreveport,
Louisiana.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>22</B></TD><TD STYLE="text-align: justify"><B>Nationalization of Venezuelan Subsidiaries</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Following the nationalization by the Venezuelan government of the Company&rsquo;s
interests in its majority-owned subsidiaries TAVSA - Tubos de Acero de Venezuela S.A. (&ldquo;Tavsa&rdquo;) and Matesi Materiales Sider&uacute;rgicos
S.A (&ldquo;Matesi&rdquo;) and in Complejo Sider&uacute;rgico de Guayana, C.A (&ldquo;Comsigua&rdquo;), the Company and its wholly-owned
subsidiary Talta - Trading e Marketing Sociedad Unipessoal Lda (&ldquo;Talta&rdquo;) initiated arbitration proceedings against Venezuela
before the ICSID in Washington D.C. in connection with these nationalizations and obtained favorable awards, which are final and not subject
to further appeals.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On January 29, 2016, the tribunal released its award on the arbitration
proceeding concerning the nationalization of Matesi. The award upheld Tenaris&rsquo;s and Talta&rsquo;s claim and granted compensation
in the amount of $87.3 million for the breaches and ordered Venezuela to pay an additional amount of $85.5 million in pre-award interest,
aggregating to a total award of $173 million (including $0.2 million of legal fees), payable in full and net of any applicable Venezuelan
tax, duty or charge. The tribunal granted Venezuela a grace period of six months from the date of the award to make payment in full of
the amount due without incurring post-award interest, and resolved that if no, or no full, payment is made by then, post-award interest
will apply at the rate of 9% per annum compounded at six-monthly rests from the date of the award until payment in full. As of September
30, 2022, post-award interest calculated at the award rate amounted to approximately $138.1 million and, accordingly, the total amount
owed by Venezuela under the award as of September 30, 2022, was $311.1 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On June 8, 2018, Tenaris and Talta filed an action in federal court in
the District of Columbia to recognize and enforce the award in the United States. On July 17, 2020, the court entered judgment recognizing
the Matesi award. The judgment orders Venezuela to pay to Tenaris and Talta an amount of $256.4 million, including principal and post-award
interest through the judgment date, and provides for post-judgment interest to accrue on this sum at the U.S. federal statutory rate.
As of September 30, 2022, post-judgment interest calculated at the U.S. judgment rate amounted to approximately $0.8 million and, accordingly,
the total amount owed by Venezuela under the U.S. judgment as of September 30, 2022, was $257.2 million.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On December 12, 2016, the tribunal issued its award upholding Tenaris&rsquo;s
and Talta&rsquo;s claim and granted compensation in the amount of $137 million and ordered Venezuela to pay an additional amount of $76
million in pre-award interest and to reimburse Tenaris and Talta $3.3 million in legal fees and ICSID administrative costs. In addition,
Venezuela was ordered to pay interest from April 30, 2008, until the day of effective payment at a rate equivalent to LIBOR + 4% per annum.
As of September 30, 2022, post-award interest calculated at the award rate amounted to approximately $80.3 million and, accordingly, the
total amount owed by Venezuela under the award as of September 30, 2022, was $296.6 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On June 8, 2018, Tenaris and Talta filed an action in federal court in
the District of Columbia to recognize and enforce the award in the United States. On March 29, 2021, the court granted Tenaris&rsquo;s
and Talta&rsquo;s request to recognize the Tavsa award and on August 24, 2021, the court entered judgment in favor of Tenaris and Talta
and against Venezuela in the amount of $276.9 million, with post-judgment interest accruing from the date of judgment at the federal statutory
post-judgment interest rate. On November 5, 2021, the court, in response to a motion by Tenaris and Talta, amended the judgment amount
to $280.7 million, with post-judgment interest continuing to accrue from August 24, 2021, at the federal statutory post-judgment interest
rate. As of September 30, 2022, post-judgment interest calculated at the U.S. judgment rate amounted to approximately $0.2 million and,
accordingly, the total amount owed by Venezuela under the U.S. judgment as of September 30, 2022, was $280.9 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Both the Matesi and Tavsa judgments, however, may not be enforced in the
U.S. to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury Department&rsquo;s Office of Foreign
Assets Control currently in effect.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For further information on these cases, see note 34 in the Company&rsquo;s
audited Consolidated Financial Statements for the year ended December 31, 2021.</P>

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

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

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B><FONT STYLE="color: black"><BR STYLE="clear: both">
</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>23</B></TD><TD STYLE="text-align: justify"><B>The Russia-Ukraine armed conflict and its impact on Tenaris&rsquo;s operations</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On February 24, 2022, Russia launched a military attack on Ukraine. In
response, several jurisdictions, including the United States, the European Union and the United Kingdom imposed a wave of sanctions against
certain Russian institutions, companies and citizens. The Russian government retaliated by ordering several economic counter measures,
including restrictions on residents transferring foreign currency abroad.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris has so far found alternative sources in response to the interruption
in supplies from Ukraine and the impact of sanctions on supplies from Russia but may still be faced with supply delays or forced to pay
higher prices to secure the raw materials, in particular energy, required for its steelmaking operations. Although it is hard to predict
how energy and commodity prices will continue to behave as the conflict unfolds, higher prices and possible shortages of energy and raw
materials used in Tenaris&rsquo;s steelmaking operations would result in higher production costs and potential plant stoppages, affecting
its profitability and results of operations.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris&rsquo;s sales to Russian customers were not material in the nine-month
period ended September 30, 2022. All sales to Russian customers and all purchases from Russian suppliers were made in compliance with
applicable regulations. There are no significant exposures or credit loss effects related to Russian counterparties, and the conflict
has not created any uncertainty on the value of financial instruments. The currently ongoing events have not changed significant judgements
taken into consideration when performing impairments tests, nor have they raised going concern risks. In addition, Tenaris is assessing
the closure of its representative office in Moscow, which is currently not operative.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In light of the armed conflict involving Russia and Ukraine and the designation
of Severstal&rsquo;s controlling shareholder as person subject to EU and UK sanctions, in March 2022, Tenaris recorded an impairment in
the amount of approximately $14.9 million in connection with its investment in a joint venture in Russia with Severstal.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>24</B></TD><TD STYLE="text-align: justify"><B>Subsequent events</B></TD>
</TR></TABLE>

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On November 3, 2022, the Company&rsquo;s Board of Directors approved the
payment of an interim dividend of $0.17 per share ($0.34 per ADS), or approximately $201 million, payable on November 23, 2022, with an
ex-dividend date of November 21, 2022.</P>

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

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

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

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

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

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0 0pt 260pt; font-size: 10pt; text-align: right">Alicia M&oacute;ndolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 260pt; font-size: 10pt; text-align: right">Chief Financial Officer</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">25</P>

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
