<SEC-DOCUMENT>0001171843-23-002655.txt : 20230427
<SEC-HEADER>0001171843-23-002655.hdr.sgml : 20230427
<ACCEPTANCE-DATETIME>20230427172933
ACCESSION NUMBER:		0001171843-23-002655
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230427
DATE AS OF CHANGE:		20230427

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:		23858658

	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_042623.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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

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

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

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

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

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

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

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0"><B>As of 26 April, 2023</B></P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TENARIS, S.A.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">26, Boulevard Royal,
4th floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">L-2449 Luxembourg</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">(Address of principal
executive offices)</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 2.45pt 0pt 0; text-align: center; text-indent: 21.3pt">Indicate by check
mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F _<FONT STYLE="font-family: Symbol"><U>&Ouml;</U>_
</FONT>Form 40-F ___</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="border-bottom: Black 4pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The attached material is being furnished to the Securities and Exchange
Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris S.A.
Consolidated Condensed Interim Financial Statements for the three-month period ended March 31, 2023.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

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

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

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0">Date: 26 April, 2023</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">By: /s/ Cecilia Bilesio&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">Cecilia Bilesio</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">Corporate Secretary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt"><BR>
</FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="cover.jpg" ALT=""><FONT STYLE="font-size: 16pt">&nbsp;</FONT></P>

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Notes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,141,181</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,367,041</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(2,307,779)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,521,942)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,833,402</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>845,099</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Selling, general and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(487,347)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(364,922)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other operating income (expense), net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">5,299</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,077</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,351,354</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>484,254</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Finance Income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">47,887</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8,825</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Finance Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(31,545)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,835)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,477</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(8,108)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income before equity in earnings of non-consolidated companies and income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,372,173</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>483,136</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">53,006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">87,604</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,425,179</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>570,740</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(295,972)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(67,307)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,129,207</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>503,433</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,128,627</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black">502,774</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">580</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">659</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,129,207</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>503,433</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Earnings per share attributable to shareholders' equity during the period:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Weighted average number of ordinary shares (thousands)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,180,537</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,180,537</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per share (U.S. dollars per share)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.96</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">0.43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per ADS (U.S. dollars per ADS) (*)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1.91</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">0.85</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"><SUP>(*)</SUP> Each ADS equals two 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">&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, 2022.<BR STYLE="clear: both">
</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"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<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>CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE
INCOME</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 70%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,129,207</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>503,433</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Items that may be subsequently reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">17,462</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">28,085</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Change in value of cash flow hedges and instruments at fair value</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">9,633</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(12,237)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">From participation in non-consolidated companies:</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;- Currency translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,932</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">30,861</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;- Changes in the value of cash flow hedges, instruments at fair value and others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(1,175)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,576)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>30,852</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>45,133</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Items that will not be reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Remeasurements of post-employment benefit obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(326)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Income tax on items that will not be reclassified</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Remeasurements of post-employment benefit obligations of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">33</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(26)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>32</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(352)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other comprehensive income for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>30,884</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>44,781</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,160,091</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>548,214</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,159,365</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">547,543</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">726</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">671</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,160,091</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>548,214</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The 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, 2022.<BR STYLE="clear: both">
</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"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<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>CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>At March 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Notes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 40%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Property, plant and equipment, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">5,558,141</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,556,263</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Intangible assets, net </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,331,221</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,332,508</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Right-of-use assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">112,363</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">111,741</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Investments in non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,597,442</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,540,646</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">NC</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">381,994</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">119,902</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">228,501</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">208,870</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Receivables, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">231,458</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">9,441,120</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">211,720</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,081,650</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Inventories, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">3,991,501</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,986,929</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Receivables and prepayments, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">174,846</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">183,811</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Current tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">224,397</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">243,136</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Trade receivables, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,834,369</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,493,940</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">CA</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">30,433</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">30,805</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">C</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,081,141</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">438,448</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">861,494</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">9,198,181</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,091,527</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8,468,596</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>18,639,301</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,550,246</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>EQUITY</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">15,065,074</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">13,905,709</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">129,454</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">128,728</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>15,194,528</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>14,034,437</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">56,739</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">46,433</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">82,118</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">83,616</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">329,861</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">269,069</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">233,499</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">230,142</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">103,215</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">805,432</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">98,126</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">727,386</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">536,907</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">682,329</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">32,481</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">28,561</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">CL</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,831</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,127</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Current tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">509,460</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">376,240</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">335,835</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">260,614</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">14,053</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,185</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Customer advances</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">136,172</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">242,910</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,067,602</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,639,341</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,179,457</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,788,423</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>3,444,773</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,515,809</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>18,639,301</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,550,246</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; white-space: nowrap; font-size: 8pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="27" STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shareholders' equity</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; white-space: nowrap; font-size: 8pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: black"><B>Share <BR> Capital <SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal <BR> Reserves</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Share <BR> Premium</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency <BR> Translation <BR> Adjustment</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: black"><B>Other <BR> Reserves <SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: black"><B>Retained <BR> Earnings <SUP>(3)</SUP></B></FONT></TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-<BR> controlling <BR> interests</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; white-space: nowrap; font-size: 8pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; text-align: justify; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: center; background-color: rgb(242,242,242)">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; width: 19%; font-size: 8pt; font-weight: bold; text-align: justify">Balance at December 31, 2022</TD><TD STYLE="background-color: White; width: 1%; font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(1,138,681</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; color: black; 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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(325,572</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; color: black; 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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">13,461,638</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; color: black; 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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">13,905,709</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; color: black; 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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">128,728</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; color: black; 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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">14,034,437</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; color: black; 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; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: White">Income for the period</TD><TD STYLE="background-color: White; font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,128,627</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,128,627</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">580</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,129,207</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 8pt; text-align: left; text-indent: 10pt; padding-left: -20pt">Currency translation adjustment</TD><TD STYLE="background-color: White; font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">17,316</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">17,316</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; 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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">146</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">17,462</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 8pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Remeasurements of post-employment benefit obligations, net of taxes</TD><TD STYLE="background-color: White; font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">(1</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(1</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(1</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 8pt; text-align: left; padding-left: 10pt">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</TD><TD STYLE="background-color: White; font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">9,633</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">9,633</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; 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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">9,633</TD><TD STYLE="white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: 0pt; padding-left: 10pt">From other comprehensive income of non-consolidated companies</TD><TD STYLE="background-color: White; font-size: 8pt; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">4,932</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">(1,142</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">3,790</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; text-align: right; background-color: rgb(242,242,242)">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">3,790</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: White">Other comprehensive income for the period</TD><TD STYLE="background-color: White; font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">22,248</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">8,490</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">30,738</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">146</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">30,884</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: White">Total comprehensive income for the period</TD><TD STYLE="background-color: White; font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">22,248</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">8,490</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,128,627</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,159,365</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">726</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">1,160,091</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 8pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance at March 31, 2023</TD><TD STYLE="background-color: White; font-size: 8pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; 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; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(1,116,433</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">(317,082</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">14,590,265</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">15,065,074</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">129,454</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; 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; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; color: black; font-weight: bold; text-align: right; background-color: rgb(242,242,242)">15,194,528</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; color: black; font-weight: bold; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="27" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shareholders'
    equity</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: black"><B>Share
    <BR>
Capital <SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Legal
    <BR>
Reserves</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Share
    <BR>
Premium</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Currency
    <BR>
Translation <BR>
Adjustment</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: black"><B>Other
    <BR>
Reserves <SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: black"><B>Retained
    <BR>
Earnings <SUP>(3)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Non-<BR>
controlling
    <BR>
interests</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(Unaudited)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; font-size: 10pt; color: black; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 8pt">Balance
    at December 31, 2021</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,180,537</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">118,054</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">609,733</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(1,051,133</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(336,200</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">11,439,587</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">11,960,578</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">145,124</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,105,702</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 8pt">Income
    for the period</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">502,774</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">502,774</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">659</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">503,433</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: black; text-align: left; text-indent: 10pt"><FONT STYLE="font-size: 8pt">Currency translation
    adjustment</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">28,149</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">28,149</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">(64</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">28,085</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: black; text-align: left; text-indent: 0pt; padding-left: 10pt"><FONT STYLE="font-size: 8pt">Remeasurements
    of post-employment benefit obligations, net of taxes</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">(356</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(356</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(326</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 8pt">Change in value of instruments
    at fair value through other comprehensive income and cash flow hedges, net of taxes</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">(12,283</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(12,283</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">46</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(12,237</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 1pt; text-indent: 0pt; padding-left: 10pt"><FONT STYLE="font-size: 8pt">From
    other comprehensive income of non-consolidated companies</FONT></TD><TD STYLE="font-size: 10pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">30,861</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">(1,602</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">29,259</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">29,259</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 8pt">Other
    comprehensive income (loss) for the period</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">59,010</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(14,241</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">44,769</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">44,781</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 8pt">Total
    comprehensive income (loss) for the period</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">59,010</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(14,241</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">502,774</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">547,543</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">671</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">548,214</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Balance
    at March 31, 2022</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,180,537</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">118,054</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">609,733</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(992,123</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(350,441</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">11,942,361</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,508,121</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">145,795</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,653,916</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</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"><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 March 31, 2023 and 2022 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 15.</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">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, 2022.</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: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>&nbsp;(Unaudited) </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash flows from operating activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,129,207</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>503,433</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Adjustments for:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>8, 9 &amp; 10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">125,453</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">143,076</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Income tax accruals less payments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">188,856</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,915</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(53,006)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(87,604)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interest accruals less payments, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(3,700)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,300)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in provisions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">7,957</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,888</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in working capital <SUP>(*)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(460,557)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(591,821)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Others and currency translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(13,440)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,191)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net cash provided by (used in) operating activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>920,770</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(26,604)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash flows from investing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>8 &amp; 9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(117,088)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(66,934)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in advance to suppliers of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">33</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(18,565)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Proceeds from disposal of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,796</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,819</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in investments in securities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(890,636)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">109,236</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net cash (used in) provided by investing activities </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>(1,002,895)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>28,556</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash flows from financing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Payments of lease liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(10,758)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(15,678)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Proceeds from borrowings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">559,274</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">268,143</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Repayments of borrowings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(679,892)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(256,144)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>(131,376)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,679)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Decrease in cash and cash equivalents</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>(213,501)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,727)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Movement in cash and cash equivalents</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">At the beginning of the period</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,091,433</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">318,067</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Effect of exchange rate changes </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(16,518)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,021)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Decrease in cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(213,501)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,727)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>861,414</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>314,319</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;At March 31, </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash and cash equivalents</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cash and bank deposits</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">861,494</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">315,399</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Bank overdrafts</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(80)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,080)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>861,414</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>314,319</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Changes in working capital do not include non-cash movements
due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar for an amount
of $9.4 million for the three-month period ended March 2023 and $16.8 million for the three-month period ended March 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">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, 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"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; 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">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">7</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">8</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">9</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">10</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">11</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">12</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">13</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">14</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">15</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">16</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">17</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">18</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">19</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">20</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Termination of NKKTubes joint venture</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">Events after the reporting period</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<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>NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS</B></P>

<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0">&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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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, 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">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 April 26, 2023.</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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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, 2022. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial
Statements for the year ended December 31, 2022, 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 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 and long-lived assets, impairment in investments in associates; income taxes; obsolescence of inventory; contingencies; allowance
for trade receivables; post-employment and other long-term 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">Tenaris carefully assesses the potential impact of climate change and energy
transition on its business and on the risks to its markets and its tangible and intangible assets, and adapts 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. For further information, see note 37 to our audited Consolidated Financial Statements for the year ended December
31, 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">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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Starting January 1, 2023, the Company changed the functional currency of
its Brazilian subsidiaries, from the Brazilian Real to the U.S. dollar.</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 decision is a result of a significant increase of its Brazilian Subsidiaries&rsquo;
participation in the OCTG and line pipe international markets, a trend which started in recent years and has been strengthened in 2022,
an increased level of integration of the local operations within Tenaris&rsquo;s international commercial and supply chain system, as
well as the fact that the main purchase agreement contracts and the long term sales agreement contracts with major international and local
oil companies are both indexed to the U.S. dollar. Local steel prices are also being affected by the U.S. dollar / Brazilian Real fluctuations.</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"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</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">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, 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">None of the accounting pronouncements applicable after December 31, 2022,
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>

<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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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">&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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 67%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2023 - (Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Management view - operating income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,349</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>35</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,384</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Difference in cost of sales</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;(32)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Differences in selling, general and administrative expenses</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>IFRS - operating income</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,351</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Financial income (expense), net</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income before equity in earnings of non-consolidated companies and income tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,372</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,425</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><I>Net Sales</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>3,974</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>167</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>4,141</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><I>Depreciation and amortization</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>120</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>5</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>125</I></B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 67%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2022 - (Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Management view - operating income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>410</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>415</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Difference in cost of sales</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">70</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Differences in selling, general and administrative expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>IFRS - operating income</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>484</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Financial income (expense), net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income before equity in earnings of non-consolidated companies and income tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>483</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>571</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><I>Net Sales</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>2,203</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>164</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,367</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><I>Depreciation and amortization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>137</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>6</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>143</I></B></FONT></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 three-month period ended March
31, 2023 and 2022, 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 $30.3 million and $13.2 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">There are no material differences between the IFRS and management views
in total revenues.</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 and other minor timing differences. 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, 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"><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; 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"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></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"><B><I>Geographical information</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>North America</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>South America</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Europe</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Asia Pacific, Middle East and Africa <SUP>(*)</SUP></B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,264,225</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,060,176</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">286,429</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">530,351</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>4,141,181</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">36,521</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">58,948</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">16,788</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,831</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>117,088</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">71,096</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">25,260</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">17,829</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">11,268</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>125,453</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,370,987</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">441,311</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">267,191</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">287,552</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,367,041</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">33,627</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">15,525</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,731</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8,051</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>66,934</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">81,103</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">27,901</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">19,241</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">14,831</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>143,076</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Starting on January 1, 2023, Asia Pacific, Middle East and
Africa segments were merged in a single geographical 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: 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 three-month period ended March 31, 2023 and 2022, r<FONT STYLE="color: black">evenues related
to governmental institutions represented approximately 27% and 21% 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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 70%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Revenues Tubes </B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Oil &amp; Gas</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">3,504</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,835</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Oil &amp; Gas processing plants</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">212</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">168</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Industrial, Power and Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">258</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">200</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>3,974</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,203</B></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Inventories at the beginning of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>3,986,929</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,672,593</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Plus: Charges of the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Raw materials, energy, consumables and other</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,520,944</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,328,278</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Services and fees</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">105,993</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">68,874</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Labor cost</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">340,256</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">260,178</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation of property, plant and equipment </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">98,163</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">108,344</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Amortization of intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,952</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,761</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation of right-of-use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,923</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">8,677</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Maintenance expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">89,212</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">55,338</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Allowance for obsolescence</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(11,250)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4,186</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">95,165</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10,988</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">63,993</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">34,852</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>2,312,351</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,881,476</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Less: Inventories at the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(3,991,501)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,032,127)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                    <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>2,307,779</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,521,942</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0">&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"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0"><B></B></P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0"><B>5</B></P></TD><TD><B>Selling, general and administrative expenses</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Services and fees</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">39,962</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">32,480</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Labor cost</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">150,297</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">126,020</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,902</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,353</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Amortization of intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">7,863</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">15,041</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation of right-of-use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,650</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3,900</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Freights and other selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">198,106</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">142,270</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Provisions for contingencies</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">7,361</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,538</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Allowances for doubtful accounts</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(213)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(34)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">51,008</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">22,706</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">23,411</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15,648</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>487,347</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>364,922</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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>Financial results</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 10pt; vertical-align: top; text-align: justify">Interest Income</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">44,465</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">8,825</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 10pt; vertical-align: top; text-align: justify">Net result on changes in FV of financial assets at FVTPL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">3,422</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Finance Income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>47,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>8,825</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Finance Cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(31,545)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,835)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 10pt; vertical-align: top; text-align: justify">Net foreign exchange transactions results</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">7,333</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">17,152</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 10pt; vertical-align: top; text-align: justify">Net foreign exchange derivatives contracts results</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(2,736)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(25,207)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 10pt; vertical-align: top; text-align: justify">Other</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(120)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(53)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other Financial results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,477</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(8,108)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net Financial results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>20,819</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,118)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Finance Income:</I> For the three-month period ended March 2023 and
2022 includes $3.4 and $3.3 million of interest related to instruments carried at FVTPL, 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"><I>Foreign exchange derivatives contracts results: </I>For the three-month
period ended March 2023 includes mainly losses on derivatives covering trade, social and fiscal receivables in Brazilian real largely
offset by gains on derivatives covering trade, social and fiscal payables in Mexican peso.</P>


<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For the three-month period ended March 2022 includes mainly losses on derivatives
covering net receivables in Brazilian real and Mexican peso, together with losses on derivatives covering net liabilities in Euro and
Japanese yen.</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>Dividend distribution </B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On February 15, 2023 the Company&rsquo;s board of directors proposed, for
the approval of the Annual General Shareholders' meeting to be held on May 3, 2023, the payment of an annual dividend of $0.51 per share
($1.02 per ADS), or approximately $602 million, which includes the interim dividend of $0.17 per share ($0.34 per ADS) or approximately
$201 million, paid on November 23, 2022. If the annual dividend is approved by the shareholders, a dividend of $0.34 per share ($0.68
per ADS), or approximately $401 million will be paid on May 24, 2023, with an ex-dividend date of May 22, 2023. These Consolidated Condensed
Interim Financial Statements do not reflect this dividend payable.</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, 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"></P>

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

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><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" 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>Property, plant and equipment, net</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Opening net book amount</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">5,556,263</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,824,801</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Currency translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8,768</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,350</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">107,612</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">59,874</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Disposals / Consumptions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(11,456)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(5,698)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Transfers / Reclassifications</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">19</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">129</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Depreciation charge </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(103,065)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(113,697)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>5,558,141</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,771,759</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">See note 16 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>9</B></TD><TD><B>Intangible assets, net</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Opening net book amount</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,332,508</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,372,176</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Currency translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">71</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,064</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">9,476</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,060</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Disposals / Consumptions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(34)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Transfers / Reclassifications</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(129)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Amortization charge </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(10,815)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(16,802)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,331,221</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,365,335</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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>Right-of-use assets, net and lease liabilities</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>(Unaudited)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Opening net book amount</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">111,741</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">108,738</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Currency translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">108</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">12,345</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">25,980</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Disposals / Consumptions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(258)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,574)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Depreciation charge </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(11,573)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(12,577)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black"><B>At March 31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>112,363</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>119,655</B></FONT></TD></TR>
  </TABLE>
<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: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Land and Civil Buildings</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">23,791</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">24,637</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Industrial Buildings, Plant and Production Equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">73,155</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">72,883</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Vehicles, furniture and fixtures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">14,509</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">13,249</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">908</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">972</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>112,363</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>111,741</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Opening net book amount</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">112,177</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">117,285</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Translation differences</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">762</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(84)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">12,345</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">25,980</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Cancellations</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(259)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,907)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Repayments of lease liabilities including interests</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(11,316)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(16,211)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Interest accrued</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">890</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">813</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black"><B>At March 31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>114,599</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>123,876</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2023, the amount of remaining payments with maturities
of less than 1 year, between 2 and 5 years and more than 5 years was approximately 28%, 43% and 29%, 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 March 31, 2022, the amount of remaining payments with maturities
of less than 1 year, between 2 and 5 years and more than 5 years was approximately 28%, 38% and 34%, 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>11</B></TD><TD><B>Cash and cash equivalents and other investments</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Cash at banks</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">154,848</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black">149,424</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Liquidity funds</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">432,926</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black">422,859</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Short-term investments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">273,720</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black">519,244</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>861,494</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,091,527</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Other investments - current </B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Bonds and other fixed income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">298,422</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black">211,953</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">731,716</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black">196,152</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Fund investments</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">51,003</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black">30,343</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,081,141</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>438,448</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Other investments - non-current </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Bonds and other fixed income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">375,677</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black">113,574</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Others </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,317</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,328</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>381,994</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>119,902</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0">&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>Derivative financial instruments</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Derivatives hedging borrowings and investments</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">11,680</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,480</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Other derivatives</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">18,753</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">24,325</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Contracts with positive fair values</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>30,433</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>30,805</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Other derivatives </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,831</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,127</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Contracts with negative fair values</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>6,831</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>7,127</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #003366; font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0 0pt 0.5in; color: #003366; font-size: 10pt; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0 0pt 0.5in; color: #003366; font-size: 10pt; text-indent: -0.5in"><B></B></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 0.5in; color: #003366; font-size: 10pt; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0 0pt 0.5in; color: #003366; font-size: 10pt; text-indent: -0.5in"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; color: #003366; font-size: 10pt; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0 0pt 0.5in; color: #003366; font-size: 10pt; text-indent: -0.5in"><B></B></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">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in"><B>13</B></TD>
    <TD><B>Category of financial instruments and classification within the fair value hierarchy</B></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; color: #003366; font-size: 10pt; text-indent: -0.5in"></P>

<P STYLE="color: #003366; font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in">&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 March 31, 2023 and December 31, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Carrying</B></FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>amount</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Measurement Categories</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>At Fair Value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B>March 31, 2023 - (Unaudited)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amortized Cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 40%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Cash and cash equivalents</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>861,494</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>428,568</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>432,926</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>432,926</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other investments </I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>1,081,141</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>731,716</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>349,425</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>349,425</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><I>Fixed Income (time-deposit, zero coupon bonds, commercial papers)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>731,716</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>731,716</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">U.S. Sovereign Bills</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>202,982</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">202,982</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Non-U.S. Sovereign Bills</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>15,831</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">15,831</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Certificates of Deposits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>169,627</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">169,627</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Commercial Papers</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>140,491</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">140,491</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other notes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>202,785</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">202,785</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><I>Bonds and other fixed income</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>298,422</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>298,422</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>298,422</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">U.S. government securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>171</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">171</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">171</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Non - U.S. government securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>70,693</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">70,693</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">70,693</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Corporates securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>227,558</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">227,558</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">227,558</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><I>Mutual Fund</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>51,003</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>51,003</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>51,003</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>30,433</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>30,433</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>30,433</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other Investments Non-current</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>381,994</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>381,994</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>375,677</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>6,317</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Bonds and other fixed income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>375,677</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">375,677</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">375,677</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>6,317</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,317</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,317</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Trade receivables</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>2,834,369</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>2,834,369</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Receivables C and NC <SUP>(*)</SUP></I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>406,304</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>123,832</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>48,659</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>48,659</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>172,491</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>123,832</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">48,659</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">48,659</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other receivables (non-financial)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><I>233,813</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>4,118,485</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,243,437</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,158,028</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>30,433</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>54,976</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Borrowings C and NC</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>593,646</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>593,646</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Trade payables</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>1,067,602</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>1,067,602</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Lease Liabilities C and NC</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>114,599</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>114,599</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>6,831</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>6,831</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>6,831</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,775,847</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>6,831</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>6,831</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Carrying</B></FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>amount</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Measurement Categories</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>At Fair Value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Amortized Cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Fair Value</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Level 3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 40%; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Cash and cash equivalents</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,091,527</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>668,668</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>422,859</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>422,859</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Other investments </I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>438,448</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>196,152</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>242,296</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>242,296</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><I>Fixed income (time-deposit, zero coupon bonds, commercial papers)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>196,152</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>196,152</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black">Certificates of deposits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>36,167</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">36,167</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black">Commercial papers</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>19,785</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">19,785</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black">Other notes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>140,200</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">140,200</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black"><I>Bonds and other fixed income</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>211,953</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>211,953</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>211,953</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black">Non-U.S. government securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>108,310</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">108,310</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">108,310</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black">Corporates securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>103,643</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">103,643</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">103,643</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black"><I>Mutual Fund</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>30,343</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>30,343</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>30,343</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>30,805</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>30,805</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>30,805</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Other Investments Non-current</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>119,902</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>119,902</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>113,574</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>6,328</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black">Bonds and other fixed income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>113,574</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">113,574</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">113,574</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black">Other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>6,328</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6,328</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6,328</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Trade receivables</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,493,940</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,493,940</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Receivables C and NC (*)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>395,531</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>105,397</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>48,659</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>48,659</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black">Other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>154,056</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">105,397</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">48,659</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">48,659</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt; color: black">Other receivables (non-financial)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>241,475</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,464,157</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>864,521</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>778,729</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>30,805</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>54,987</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Borrowings C and NC</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>728,762</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>728,762</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Trade payables</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,179,457</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,179,457</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Lease Liabilities C and NC</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>112,177</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>112,177</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>7,127</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>7,127</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>7,127</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,020,396</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>7,127</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>7,127</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Includes balances related to non-current derivative financial
instruments and interest in our Venezuelan companies, see note 19.</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.<FONT STYLE="font-size: 10pt"><BR STYLE="clear: both">
</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The 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 in this level include net receivables related to the Company interest in the Venezuelan Companies for
a total amount of approximately $48.7 million, which reflects the best estimation of the fair value calculated using the probability of
occurrence of weighted scenarios applied to the potential transaction value resulting from the awards purchase agreement mentioned in
note 19.</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 99% of its carrying
amount including interests accrued as of March 31, 2023 as compared with 99.2% as of December 31, 2022. 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>14</B></TD><TD STYLE="text-align: justify"><B>Investments in non-consolidated companies</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">At the beginning of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,540,646</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,383,774</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Translation differences </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,932</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">30,861</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">53,006</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">102,528</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Impairment loss in non-consolidated companies <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(14,924)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Decrease in equity reserves and others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(1,142)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,602)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,597,442</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,500,637</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> The three-month period ended March 31, 2022, includes an
impairment of $14.9 million related to the joint venture with PAO Severstal (&ldquo;Severstal&rdquo;).</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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</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">As of March 31, 2023, the closing price of Ternium&rsquo;s ADSs as quoted
on the New York Stock Exchange was $41.26 per ADS, giving Tenaris&rsquo;s ownership stake a market value of approximately $947.8 million.
As of that date, the carrying value of Tenaris&rsquo;s ownership stake in Ternium, based on Ternium&rsquo;s Consolidated Condensed Interim
Financial Statements, was approximately $1,408 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 March 31, 2023, 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>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On April 24, 2023, the Board of Directors of Ternium Argentina approved
the payment of a dividend in kind of approximately $624 million in U.S. dollar denominated Argentine bonds. Considering the impact of
foreign exchange restrictions in Argentina, there will be a negative effect at the time those financial instruments will be transferred
to the controlling shareholder of Ternium Argentina S.A.</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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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">On March 30, 2023, the Company&rsquo;s subsidiary, Confab, together with
Tenaris&rsquo;s affiliates Ternium Investments and Ternium Argentina, all of which compose the T/T Group within Usiminas control group,
entered into a share purchase agreement to acquire from the NSC Group, pro rata to their current participations in the T/T Group, 68.7
million ordinary shares of Usiminas at a price of BRL10 (approximately $1.9) per ordinary share. Pursuant to the transaction, Tenaris
would pay approximately BRL110 million (approximately $21.6 million) in cash for 11 million ordinary shares, increasing its participation
in the Usiminas control group to 9.8%. Upon the closing of this transaction, the T/T Group will hold an aggregate participation of 61.3%
in the control group, with the NSC Group and Previd&ecirc;ncia Usiminas (Usiminas employees&rsquo; pension fund) holding 31.7% and 7%,
respectively. The transaction is subject to approval by Brazil&rsquo;s antitrust authorities and will be financed with cash on hand.</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 will continue having significant influence over Usiminas and
consequently will continue accounting for its investment under the equity method.</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">At closing, the existing Usiminas shareholders agreement will be replaced
by a new shareholders agreement setting forth a new governance structure for Usiminas. The T/T Group will nominate a majority of the Usiminas
board of directors, the chief executive officer and four other members of the Usiminas board of officers. Of the positions allocated to
the T/T Group, Tenaris will retain the right to nominate one member of the Usiminas board of directors and one member of the Usiminas
board of officers. Ordinary decisions may be approved with a 55% majority of Usiminas&rsquo; control group 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">At any time after the second anniversary of the closing of the transaction,
the T/T Group will have the right to buy the NSC Group&rsquo;s remaining interest in the Usiminas control group (153.1 million ordinary
shares) at the higher of BRL10 per share and the 40-trading day average price per share immediately prior to the date of exercising the
option. In addition, the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares
from the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-trading day average
price per share, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the T/T Group at
BRL10 per share. Confab will have the right but not the obligation to participate in each such transaction pro rata to its current participation
in the T/T Group.</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 will account for the transaction if and when the conditions
precedent to closing are satisfied and the acquisition is completed.</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 March 31, 2023, the closing price of the Usiminas&rsquo; ordinary
and preferred shares, as quoted on the B3 - Brasil Bolsa Balc&atilde;o S.A, was BRL7.97 ($1.57) and BRL7.29 ($1.43), respectively, giving
Tenaris&rsquo;s ownership stake a market value of approximately $59.1 million. As of that date, the carrying value of Tenaris&rsquo;s
ownership stake in Usiminas was approximately $116.9 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">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 March 31, 2023, 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>

<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: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><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" 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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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,
with a power capacity of 900 MW. As of March 31, 2023, Tenaris held 22% of Techgen&rsquo;s share capital, and its affiliates, Ternium
and Tecpetrol Internacional S.L. (a wholly-owned subsidiary of San Faustin S.A., the controlling shareholder of both Tenaris and Ternium),
beneficially owned 48% and 30% respectively. As of March 31, 2023, the carrying value of Tenaris&rsquo;s ownership stake in Techgen was
approximately $45.3 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"><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 March 31, 2023, Tenaris&rsquo;s exposure under these agreements amounted to $41.8 million, $0.9 million and $17.1 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 March 31, 2023, 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">&nbsp;</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">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 March 31, 2023, amounted to $10.9
million.</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>d)</I></TD><TD STYLE="text-align: justify"><I>Global Pipe Company</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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 March 31, 2023, the carrying value of Tenaris&rsquo;s ownership stake in GPC was approximately
$23.9 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 March 31, 2023, SSPC had
issued guarantees for an aggregate amount of up to $93 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">In December 2022, EEW, a German company that owns another 35% interest
in GPC, expressed its intention to sell its entire interest in GPC for a cash amount of $9.9 million and a release of EEW&rsquo;s corporate
guarantees with respect to GPC&rsquo;s debt. SSPC and another shareholder that owns a 20% interest in GPC exercised their respective rights
of first refusal. Each such acquisition is subject to receipt of customary conditions, including competition clearance and bank consents.
If both acquisitions are consummated, SSPC will acquire a 22.3% additional interest in GPC (thus totaling a 57.3% interest) and will assume
a portion of EEW&rsquo;s corporate guarantees (so that SSPC&rsquo;s exposure under the guarantees will increase to $152.9 million based
on debt amounts as of March 31, 2023).</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: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><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" 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>15</B></TD><TD><B>Contingencies, commitments and restrictions to the distribution of profits </B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">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. </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">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">&nbsp;</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, Tenaris 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-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>CSN claims relating to the January 2012 acquisition of Usiminas</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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">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. On March 7, 2023, the Superior Court of Justice, by majority vote, rejected CSN&rsquo;s appeal. CSN has made several
submissions in connection with the Supreme Court of Justice decision, including a motion for clarification. In addition, plaintiffs may
appeal against the Superior Court of Justice&rsquo;s decision. At this time, the Company cannot predict whether CSN will appeal against
the decision and, if appealed, the ultimate resolution 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"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The 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, the first and second instance court decisions and the March 2023 decision
of the Superior Court of Justice 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">
<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>Veracel
celulose accident litigation</I></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0 0pt 14.2pt; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="margin: 0pt 0 0pt 14.2pt; font-size: 10pt; text-align: justify; text-indent: 0in">&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: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 8pt">&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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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"><FONT STYLE="font-family: Wingdings; font-size: 8pt">&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 BRL95.2 million (approximately $18.7 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 BRL81.7 million (approximately $16.1 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, which was re-allocated to another court. The parties are currently waiting for the trial of the appeal to be scheduled.
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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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; font-size: 8pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Petrobras-related proceedings and claims</I></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</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">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 March 31, 2023, the aggregate amount of these claims was estimated at BRL284.2
million (or approximately $55.9 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: 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">
<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>Putative class actions</I></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0 0pt 14.2pt; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Wingdings; font-size: 10pt"></FONT></P>

<P STYLE="margin: 0pt 0 0pt 14.2pt; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">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. On November 11,
2022, the parties filed a joint notice of settlement announcing a settlement in principle of all claims in the action, subject to finalizing
the settlement agreements and court approval.&nbsp;The parties&rsquo; agreement in principle provides that, in exchange for dismissal
of the action and customary releases from class members and with no admission of liability by Tenaris or Mr. Rocca, Tenaris will pay to
the class $9.5 million (inclusive of legal fees to lead plaintiff&rsquo;s counsel).&nbsp;On April 10, 2023, the court granted preliminary
approval to the class settlement. The final settlement approval hearing is set for October 19, 2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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>Administrative proceeding concerning Brazilian tax credits</I></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 14.2pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 14.2pt">&nbsp;</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 BRL59.6 million (approximately $11.7 million). At this stage, the Company cannot predict the outcome of this claim. <B><BR STYLE="clear: both">
</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"></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><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%; 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. patent infringement litigation</I></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 14.2pt"></P>


<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 14.2pt"><I></I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 14.2pt">&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 counterclaimed that certain Global Tubing products did infringe patents held
by TCT, and 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, among other things, that TCT and the Company had misled the patent office. On March 20,
2023, the judge granted summary judgment in favor of Global Tubing, concluding that the patents at issue are unenforceable due to inequitable
conduct during the patent prosecution process. TCT and the Company are analyzing whether to appeal this judgment. Global Tubing filed
a brief seeking to recover attorneys&rsquo; fees, without specifying the amount of those fees. Although it is not possible to predict
the final outcome of this matter, the Company believes that any potential losses arising from this case will not 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: 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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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. Tenaris and other parties have appealed the agency determinations from
the investigation to the Court of International Trade. 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 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.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B><I>(ii)</I></B></TD><TD STYLE="text-align: justify"><B><I>Commitments and guarantees</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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" STYLE="width: 100%; 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">Certain subsidiaries of the Company entered into a contract with Praxair S.A. for the service of oxygen
and nitrogen supply. As of March 31, 2023, the aggregate amount to take or pay the committed volumes for an original 14-year term totaled
approximately $34.6 million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">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 March 31, 2023, the estimated aggregate contract amount calculated at current prices, is approximately $85.3 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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

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

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">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
became the exclusive distributor of TMK&rsquo;s OCTG and line pipe products in United States and Canada since January 1, 2020. At the
end of the MDA&rsquo;s 6-year term, TMK would 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 ended 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 ended
December 31, 2022, nor for any subsequent contract year until expiration of the MDA&rsquo;s term. In addition, no purchases of TMK products
were made during 2023. The parties are currently discussing the termination of the MDA.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">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 March 31, 2023, the remaining amount related to this commitment
was $33 million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">Certain subsidiaries of the Company entered into a contract with Usiminas from which they committed to
purchase steel coils for a remaining amount of approximately $25 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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">A subsidiary of the Company entered into a contract with the supplier JFE Steel Corporation for the purchase
tubular material, including 13 Chrome alloy products following the closure of NKKTubes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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 14 (c), (ii) issued corporate guarantees securing
certain obligations of GPC, as described in note 14 (d) and (iii) issued performance guarantees mainly related to long-term commercial
contracts with several customers and parent companies for approximately $3.7 billion as of March 31, 2023.</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>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black">Restrictions
on the distribution of profits and payment of dividends</FONT></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">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 March 31, 2023, 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">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: 38.75pt">16</TD><TD>Cancellation of title deed in Saudi Steel Pipe Company</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 38.75pt"><B>17</B></TD><TD STYLE="text-align: justify"><B>Foreign exchange control measures in Argentina</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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. The main currently
applicable measures are described below:</P>

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

<UL STYLE="margin-top: 0in; list-style-type: square">

<LI STYLE="margin: 0pt 0">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.</LI>

</UL>

<UL STYLE="margin-top: 0in; list-style-type: square">

<LI STYLE="margin: 0pt 0">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.</LI>



</UL>

<UL STYLE="margin-top: 0in; list-style-type: square">

<LI STYLE="margin: 0pt 0">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. Effective November
1, 2022, this new regulation replaced previous rules.</LI>



</UL>

<UL STYLE="margin-top: 0in; list-style-type: square">

<LI STYLE="margin: 0pt 0">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 thousand. 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,
still exist under the SIRA system.</LI>



</UL>

<UL STYLE="margin-top: 0in; list-style-type: square">

<LI STYLE="margin: 0pt 0">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.</LI>



</UL>

<UL STYLE="margin-top: 0in; list-style-type: square">

<LI STYLE="margin: 0pt 0">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.</LI>



</UL>

<UL STYLE="margin-top: 0in; list-style-type: square">

<LI STYLE="margin: 0pt 0">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.</LI>



</UL>

<UL STYLE="margin-top: 0in; list-style-type: square">

<LI STYLE="margin: 0pt 0">Access to the Argentine foreign exchange market to make dividend payments requires prior Argentine Central Bank
approval.</LI>



</UL>

<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">The above-described measures substantially limit the ability of Argentine
companies to obtain foreign currency and make certain payments and distributions out of Argentina through the Argentine foreign exchange
market. Access to foreign currency and transfers out of Argentina can be achieved, however, through securities transactions involving
bonds or shares with multiple listings. Such transactions are subject to certain restrictions and limits, which change from time to time,
and often result in a financial loss being generated at the time of making any such transaction.</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: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</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">Tenaris&rsquo;s financial position in Argentine peso as of March 31, 2023,
amounted to a net short exposure of approximately $171 million. As of March 31, 2023, the total equity of Argentine subsidiaries represented
approximately 11% of Tenaris&rsquo;s total equity and the sales performed by Argentine subsidiaries during the year ended on March 31,
2023, amounted approximately to 26% of Tenaris&rsquo;s total sales. Assets and liabilities denominated in Argentine peso as of March 31,
2023, 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>

<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: 38.75pt"><B>18</B></TD><TD STYLE="text-align: justify"><B>Related party transactions</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2023:</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: 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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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 0.07% 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: justify">&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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 66%; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black"><B>(i)</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black"><B>Transactions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>(a) Sales of goods and services</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Sales of goods to non-consolidated parties</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">11,524</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">45,536</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Sales of goods to other related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">36,433</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">32,114</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Sales of services to non-consolidated parties</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">457</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">332</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Sales of services to other related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">38,204</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">19,308</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>86,618</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>97,290</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>(b) Purchases of goods and services</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Purchases of goods to non-consolidated parties</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">166,193</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">94,121</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Purchases of goods to other related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">9,512</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,124</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Purchases of services to non-consolidated parties</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,589</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,228</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Purchases of services to other related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">12,798</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,928</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>191,092</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>109,401</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>(c) Financial Results</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Income from non-consolidated parties</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,401</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">726</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,401</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>726</B></FONT></TD></TR>
  </TABLE>

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

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

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

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 66%; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify"><FONT STYLE="font-size: 10pt; color: black"><B>(ii)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Period-end balances</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>(a) Arising from sales / purchases of goods / services / others</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Receivables from non-consolidated parties</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">70,226</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">69,135</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Receivables from other related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">73,915</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">78,370</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Payables to non-consolidated parties</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;(40,054)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(142,228)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Payables to other related parties </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;(5,906)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(13,283)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>98,181</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(8,006)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>(b) Financial debt</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Finance lease liabilities from non-consolidated parties</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;(1,609)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1,650)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Finance lease liabilities from other related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;(461)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(483)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>&nbsp;(2,070)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(2,133)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition to the tables above, the Company issued various guarantees
in favor of Techgen and GPC; for further details, please see note 14 (c and d) and note 15 (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>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 38.75pt"><B>19</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"></P>

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; text-indent: -38.75pt; margin: 0pt 0 0pt 38.75pt">&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">&nbsp;</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 March 31,
2023, post-award interest calculated at the award rate amounted to approximately $151.6 million and, accordingly, the total amount owed
by Venezuela under the award as of March 31, 2023, was $324.6 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 March 31, 2023, post-judgment interest calculated at the U.S. judgment rate amounted to approximately $1 million and, accordingly,
the total amount owed by Venezuela under the U.S. judgment as of March 31, 2023, was $257.4 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"><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 March 31, 2023, post-award interest calculated at the award rate amounted to approximately $89.7 million and, accordingly, the total
amount owed by Venezuela under the award as of March 31, 2023, was $306 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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</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 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 March 31, 2023, post-judgment interest calculated at the U.S. judgment rate amounted to approximately $0.3 million and, accordingly,
the total amount owed by Venezuela under the U.S. judgment as of March 31, 2023, was $281 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"><B><I>Transfer of the Awards and Judgements</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 January 25, 2023, Tenaris and Talta entered into an awards purchase
agreement with an unaffiliated purchaser pursuant to which Tenaris and Talta agreed to sell all of their rights, title and interests in
the above-referenced claims, awards and judgements, including all post-award or post-judgement interest accruing on the awards and judgements,
for a purchase price of $81 million, plus a non-refundable signing payment of $1 million as reimbursement of expenses. The transfer of
the awards and judgements is subject to the Office of Foreign Assets Control (&ldquo;OFAC&rdquo;) approval, and according to the agreement
must be obtained by February 25, 2024. The uncertainty associated with the OFAC approval is factored into the fair value determination
of the related receivable.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 38.75pt"><B>20</B></TD>
    <TD STYLE="text-align: justify"><B>Termination of NKKTubes joint venture</B></TD></TR>
  </TABLE>

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

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; text-indent: -38.75pt; margin: 0pt 0 0pt 38.75pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">NKKTubes, a company owned 51% by Tenaris and 49% by JFE Holdings Inc. (&ldquo;JFE&rdquo;),
used to operate a seamless pipe manufacturing facility in Japan, located in the Keihin steel complex owned by JFE. On March 27, 2020,
JFE informed Tenaris of its decision to permanently cease as from JFE&rsquo;s fiscal year ending March 2024 the operations of its steel
manufacturing facilities located at the Keihin complex; on November 2, 2021, Tenaris and JFE agreed to terminate amicably their joint
venture and liquidate NKKTubes; and on November 2, 2022, Tenaris and JFE entered into a definitive wrap-up agreement. Under these agreements:</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: 7.1pt"></TD><TD STYLE="width: 14.2pt">a)</TD><TD>NKKTubes&rsquo; manufacturing and production operations were closed by June 30, 2022;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 7.1pt"></TD><TD STYLE="width: 14.2pt">b)</TD><TD>the lease agreement of the Keihin steel complex between JFE and NKKTubes was terminated as of September 30, 2022;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 7.1pt"></TD><TD STYLE="width: 14.2pt">c)</TD><TD>all agreements that allowed the operation of the joint venture, and all agreements with local Japanese customers and subcontractors,
were terminated;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 7.1pt"></TD><TD STYLE="width: 14.2pt">d)</TD><TD>all tangible fixed assets owned by NKKTubes and placed in the Keihin steel complex were either purchased by JFE or removed and disposed
of; and all intangible assets belonging to NKKTubes were allocated between the parties; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 7.1pt"></TD><TD STYLE="width: 14.2pt">e)</TD><TD>all related dissolution and liquidation costs were allocated between the parties.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Liquidation of NKKTubes is expected to be accomplished by April 28, 2023.</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 2022, Tenaris and JFE entered into an agreement for the provision
of tubular material, including 13 Chrome alloy products, thereby ensuring a continued supply of such products to international customers
after NKKTubes&rsquo; closure. In addition, Tenaris and JFE entered into a license agreement under which JFE granted Tenaris a perpetual
non-exclusive license over some JFE&rsquo;s patents, for Tenaris to manufacture and sell worldwide Super 13 Chrome products.</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 more information on the accounting treatment of the termination of
the NKKTubes joint venture, see note 35 &ldquo;Other relevant information - <I>Agreement to terminate NKKTubes joint venture&rdquo;</I>
to the Company&rsquo;s audited consolidated financial statements for the year ended December 31, 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"></P>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 79%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 9pt"><I>Consolidated
                         Condensed Interim Financial Statements</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"></P>
</TD>
  <TD STYLE="text-align: right; width: 21%"><FONT STYLE="font-size: 9pt"><IMG SRC="logo_sm.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt; color: Gray"><I>For the three-month period ended March 31, 2023 - all amounts in thousands of U.S.
  dollars, unless otherwise stated</I></FONT>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #666666"></P></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 38.75pt"><B>21</B></TD>
    <TD STYLE="text-align: justify"><B>Events after the reporting period</B></TD></TR>
  </TABLE>

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

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; text-indent: -38.75pt; margin: 0pt 0 0pt 38.75pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>Acquisition of anticorrosion coating assets</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 April 21, 2023, one of the Company&rsquo;s subsidiaries entered into
a preliminary agreement with Isoplus Mediterranean S.r.l. to acquire as a going concern all of the assets and related rights, duties,
liabilities and contracts of Isoplus&rsquo; anticorrosion coating division for EUR9.3 million (approximately $10 million). The transaction
is subject to customary conditions, and closing is expected to occur on or before June 30, 2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%">&nbsp;</TD>
  <TD STYLE="width: 34%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 33%">Alicia M&oacute;ndolo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">Chief Financial Officer</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>

<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">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">26</P>

<P STYLE="margin: 0pt 0 0pt 7.1pt; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0 0pt 283.5pt; font-size: 10pt; text-align: right; text-indent: 4.5pt"></P>

<P STYLE="margin: 0pt 0 0pt 283.5pt; font-size: 10pt; text-align: center; text-indent: 4.5pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt"></FONT></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt"></FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>cover.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cover.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" *2 @\# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HJ[I6E7>M:A'964>^9_7@*.Y)["NR;X9Q(XM6\168OV7*VQ0 D_]]9Q[
MXH X"BMS2O"FI:MK=QID*HKVKE)Y6/R1X)'7OR#@=ZZ5?AI;2RO;0>);22\0
M?- (QD?7#DC\J //J*W8O"UX/%4.@WC"WFD;'F ;EQ@G<.F1Q[5;\6>#)O#$
M=O,+L74$S%"XCV;6'8C)Z\_D: .7HKH+_P ,&P\)6.NF[#_:I GD"/&W(8YW
M9Y^[Z=ZVH/AQY=C!/JVMVNG238VQ2*#R>V2PY]AF@#A:*V=4\.76G^(?[&@9
M;R=MOEF(?>W#(^E=*/AK%;K$FI>(K.TN9/NQ%0<GT!+*3^5 ' T5T/B;PA?>
M&7C>5TGM93M29!CG'0CL?SI_B+PF= TO3[TWHG^UC.SRMNSY0>N3GK[4 <W1
M71^$O"A\4S74?VS[-Y"JV?*W[LD^XQTIWA+PD/% O2;\6BVH0DF+?G=N]QC&
MV@#FJ*[T?#:.\MY'TCQ#9W\B=54 #Z$JS8KA[JUGLKJ6VN8VCFB8JZ-U!% $
M5%=T?AK<#PZ=2^W_ .D"W\\VOD<],[<[NOX=:Y_P[HMEK,LZ7NLV^FB-05:;
M'SY[#+"@#%HKT.;X:V%O:QW4WBFVCMY,;)GA4(V1D8)DP>.:S]*\"6^K:IJ=
MK;ZY$T%B(B+F.(.LF]23T? Q@CJ: .,HKKM4\(Z18:9/=0>*[*[EC7*P1A-S
MG/08<_RJSIW@"WN] MM6O->AL8IQG$L0VKR0!N+CTH XBBNRUCX>W=CIIU'3
M[Z'4;95+N8Q@[1W')!'XUQM !175>'? UWKED;^:YCLK$9Q+(,EL=2!D<>Y-
M)KW@W^RM*&IV6JVVHV88([Q8&TG@="0>?>@#EJ*[/2_A[<7.F+J.J:A!IENX
M#*91DX/0G) 'YT:O\/;BQTIM2T_4(-1MD4NQC&T[?48)!'XT <9177^%O Q\
M3:5+>_VB+;9,8@AAWY("G.=P_O5DZ=X>FO/%"Z%/*+>;S7C=]NX J"<@<9Z4
M 8U%=79>"S>>+[S0?M^S[,A?S_)SN^[_  [N/O>O:M5?AM:W$DL%GXFM+BZC
MR&A"#((['#DC\J //Z*VQX9O(O$\&AWF+>:60+YF-PP?XATR*Z2Y^'>EV4QA
MNO%UG!*!DI+&JMCZ&2@#@**ZK0/!R:]JNI6D6J(D5FQ"SK%O$HW$!A\W (&>
MIK-UOP]/HFO_ -ER2!RQ7RY<8#JW0X[<Y'X4 8]%=/K/@RXT[Q+::):W NY[
MF,2*Q3RP,E@<\G@!2<ULM\,X5E%J?$=H+\KD6Y09_P#0LX]\4 >?T5U?AGP7
M_P )!%?22:DEHMH^QCY>\'KDYW# XHUGPII6FZ5-=VWBBRO9H]NVWB"[GRP!
MQAST!ST[4 <I17<6?P_M9M#M-4O?$,%E'<H& EB  )&0-Q<9.!5?6_A_=Z9I
MIU&RO(=0M$4L[QC:0OKC)!'XT <?1110 4444 %%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% 'I'PDBC:YU68@>8B1*I[@$L3_ .@B
MO/KJZGN;Z6ZG=OM$DA=FZ'=G-;/A#Q*WAG5C.Z-);2KLF1>N.Q'N/ZFNEO/^
M%=7]^VH27MU&\A+O;HCA6)Z_P\?@10!9\&SS1?#[Q!J"2,;LO,YF)RQ(C4Y)
M[G))KS[2)I8=:LI8682K.A4CKG<*ZKPQXNT_0]0U*SD@D;1KJ9FB7&XQJ20,
M@]05P#SGCO5ZUD^'FE7XU*WNKJ>2,[XK<HY56'3&5'/U- &_XAC0?$7PW(%'
MF,LBL>Y !Q_,TR[:/7[WQ'X6G8>:I6XM"W8[5./P;]&-<@OBZ+4O']GK%Z3;
MV<!V(""Q1,'KCN2>U5=6\11Q^/Y=<TV0R1+*C*<%=ZA0K#!&1GD4 ;7B+(^%
M&BH00R701@1@A@)01^!!K6-[X;^(5I;07D[6FIQC"KNVD$XR%SPP./K]*S/&
M7B7P_JFA6=KI\IDQ>BXEA$3*0"'+<D 9RW8]Z; OPZAOXK^*^NXVB8.MOMD*
MY!R/X2?_ !Z@"QX3\-2^'_B"]I<E9MMHTL,H& 02%SCL>HKCO%MQ-<^+-4:<
MDLMP\:Y[*IPOZ 5N:AX]:7QG;ZQ:PN+6W3R1$QP9$.<D^AY_05I:C=> ->O!
MJ5W=W=M</AI8E1AN..^%(_(B@":^DDN?@O;R7(S(@0*6'( EVK_X[4?Q%_Y%
M?0/]T?\ H K'\8>+K74[&WT?2(6BTZ#'+#&_ PH ]![\G\*WM1U?P;X@T;3K
M74=6N(6MHUXAB<$-M (.4([=J *WPE_X_-4_ZYQ_S-'PM_X\]?\ ^N<7\I*/
M#.L>%O#6MWXMM2F>REACV22Q,27!.1PH]NU9_P /M>TK1H]5CU2Z, N5C"$1
MLV<;\] <?>% &)X.N+BV\7::UN3N>=8W [HQPV?PR?PKJ_$VCQZK\4K2T"#9
M,D<D_NJYSG_@*X_*C3K_ ,">&93?6-Q=W]VH/E[T.5SQQE5 ^OO4'AKQ9IRZ
M_JVO:Q.(KJ9 EO$J.WR^@P,?PJ,GWH ZV&]U%OB)<0O8W8TQK80+*86\LLOS
M9SC'=A[\5Y/XDTS^Q_$5[8@82.0F/_</*_H16K'\1?$JW"2/?!XPX9H_)C 8
M9Z9VY'I4_P 0-6T?6[ZSO=,N#+)Y1CF'ELNW!RO4#/5NGI0!L^+O^26Z!_O0
M?^BFI/A2$-OKHD)"%8MQ'88DS6;XB\0:9?\ @'2-,MKG?>6YB\V/RV&W;&RG
MDC!Y(Z&CX?:]I6C1ZK'JET8!<K&$(C9LXWYZ X^\* *&MV/@^#3'DT;5;RXO
M PVQRH0I&>?X!_.NBUC_ )(]IW^\G\VK$U+3O T6G7#Z?K-]+=JA,4;H<,W8
M']V/YUM6FM>%M0\$6.C:MJ4UNT8!<11-N!!/?81WH 3X3S3-/J5J23;E%<J>
M@;)'ZC^5>>W2)'>3)']Q9&"\YXSQ7?R>*O#OAK1I[/PPLLUS.,-<2*1@XQDY
M R1V &*\ZH ]2\??Z%X%TFTMF*VY:-2%/# (2,_CS7G>E%I-0M[1G?[/<3QK
M+&&(5QN'4=^M=II/BS0]3\-1Z'XE5T$("QS*I(P.%/&2& XZ8/XXK*UE/!UG
MI++HMS=W.H%U*32;EV#.3V4?H: -GXLS2B\TVWR1 (V<*.F[./Y?SJ?X3R/)
M#J]LY+0#RVVGH"=P/Y@#\J9-XF\+>+-*MX_$)FM+R$8\R-2>>Y4@'@X'!'^-
M0W'BK0?#V@3:;X8\Z:><$-<R*1@D8W'(&3CH ,4 .\*SR6GPQU6ZA8K)!>B5
M2/5?*;!]CC!]JU7M8+WQCX>\3V8'V>^!27':3RVQGWZC_@-<IH^NZ=9_#S5=
M+FG(O;B8M'$$8[@0@SG&!T/?M5OP)XLL=+MI=/U>4I;JXFMY-C-L;N.,D9Z]
M/7UH W-%_P"2O:Q_UP/_ +3KS[5;B:T\67UQ;N4FCO9&1AU!#FNJTOQ-I-O\
M1M2U:6Z*64T16.7RV.3\G8#/8]JL+<?#^UU:75S?75W<-*9Q$T;;0Y.>!M7O
MZF@#:\4(O_";^%9"H$C.P8]\ K@?J:I^+K'P?/K\CZSJMY;7FQ0T<2DJ!CC^
M _SKFI_%Z:KXYL-5N@8+&VD 1>6*IGDG'<^WTYQ6UKDW@/7]3:_NM;O$E90I
M$43!<#ZQF@"'X8(AN-;1&)C,2A2>I&6IU](OB?P?INN$YO-+E6.Z.,DJ",L?
MT;\353PCK6A>']5UD&]D^QR +;2/&Q:0 GK@<=>X%9'@S7K?1]0G@U#G3;V(
MQ7 V[@.#@X[]2/QH ZCQGJPT/XCZ7J+1F18;0;E'4J6D4X]\$U8O_#_A_P =
M--J.D:AY6H,H,B'N0 /F0\CIC(X^M9/B#6_#6M>-;6YNI'N-,6T\IW5'4J^Y
MR..#W%6]+U/P/X8GFU#3KR\NKED*K$R-P#V&54>G4F@"U\/;3[)I?B"SOLQ^
M5(8YL=5 4@XKD=>LO"-OIV_1-4O+F[W@>7*A"[><G[B^W>M_PKXLTM5UQM9N
MC;/J$I?"HS<$$$ @'IGO6/JNG^"8=,GDTS6+Z:] 'E1R(=K'(Z_NQVSWH VO
M%/\ R2K0?^ND7_HMZD^%$TDL>JVDA+6P"-M/0$[@?S _2D75_">K>#M,TG5=
M4G@>V5&811-D,%*XSL(QR:@NO%>@^']"GT[PNLLDUP"&N) 1C(QGG!)QT& /
MY$ \\HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HJ]I6CW^MW36VG0>=,J&0KO5<*"!G)('4BIM.\.:MJMU<6UE:&6
M:W.)5\Q5VG..I('4&@#+HJS=Z?=V%^]C<P-'=(P5HSR<GIT^HK3_ .$.U[^U
M/[-^P?Z9Y/G^7YJ?ZO=MSG=CKVSF@##HKIO^%?>*/^@7_P"3$7_Q55T\&>()
M+^2Q73R;F)%D=/.CX4Y .=V.QH P:*Z&Z\#^([*TENKC3MD,*%W;SXSA0,DX
M#9J+3O!VO:K8QWME8>;;R9V/YR+G!(/!8'J#0!AT5J:KX=U;1%1M1LG@1SA6
MR&4GTR"1FFS:!J=OH\6K2VI6QE("2[U.<^V<]O2@#-HK=B\&^()M.74(M.9[
M9H_-5A(F2N,YVYS^E8:JSL%4%F)P !DDT )16WJ'A'7=*L&O;VP,5NN-S^:A
MQDX' .>]8R(TCJB#+,0 /4T -HKIO^%?>*/^@7_Y,1?_ !54K?PIK=WJ%U80
M61>YM<><GFH-N>G).#^% &-16GI'A_5->,W]FVOG^3M\S]XJXSG'WB/0U5?3
MKN+4O[.D@9;OS!%Y1X.XG '_ ->@"M15W5-)OM&N_LNH0>3/M#[=RMP>G()%
M7;3PGKE_IG]HVU@TEH59@_F(,@9S@$Y/0]J ,6BI;>WEN[F*V@3?-*XC1<XR
MQ. .?>K^K>'-6T)8VU*S:!920C;U8$CME2<4 9=%:!T/4AHHU@VW^@%MHEWK
MUSCIG/7VIVE:!JNM%O[.LI)PO#,,*H/IDX&: ,VBM/5?#VK:($.HV3P*YPK9
M#*3Z9!(S[4W5M"U+0WB34K;R&E!*#>K9 Z_=)H SJ*UM)\,:QKD#SZ=9F:-&
MV,WF*H!QG'S$5F30R6\\D,JE9(V*.I[$'!% #**T=5T'4]$\G^T;;R//!,?S
MJVX#&>A..HK.H **U-*\.:OK:N^G6+S(AP7R%7/IEB!FK#^#]?CU&*P?3G6Y
MF5FC4R)A@O7#9QQQW[T 8=%=-_PK[Q1_T"__ "8B_P#BJR=6T/4=#FCAU&V\
MAY%W*-ZMD=/X2: ,^BMJ3PGKD6D_VH]@PL_+$OF>8F=IZ';G/?TJOI&@ZGKK
MRIIMMY[1 %QO5< ]/O$4 9M%=-_PK[Q1_P! O_R8B_\ BJJP>#]>N;^ZLHK#
M=<6NSSD\U!LW#*\[L'(]* ,.BM^]\%>(-.LY;NZT_P N"(;G?SHS@?0-FFV_
M@WQ!=:>E]!IS/;NF]6$B9*^N,Y_2@#"HH R<#K6W?^$-=TS3WO[RP,5LF"SF
M1#C) ' .>I':@#$HK>L?!?B#4K**\M-/\R"491O.C7(^A8&H-0\,:QI5Q:07
MMGY4MV^R!?,1MYR!C@G'WAU]: ,BBM75O#6KZ'%')J-FT,<AVJV]6!/I\I.*
MB&AZBVBMK MC]@5MIEWKUSCIG/4^E &?173?\*^\4?\ 0+_\F(O_ (JJFH^$
M-=TFS:[OK'RH%(4MYJ-R3@<!B: ,2BNAB\#>)9H%F32I C#(#.BM_P!\DY_2
ML&6*2"9X949)(V*NK#!4C@@T ,HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** .Y^%7_(T7/\ UY-_Z&E:_@3=_P )!XHV'#;FP?0[WK(^%7_(T7/_
M %Y/_P"AI6OX#(_X2'Q.<C&\G/\ P-Z *OB>%-<L]#\4VRC+M'#=*O\ "V[^
MAR,^XJ'XEWMW8>+;>6SNIK>0V*J7AD*$CS'XR.W JIX$OH;J.^\-7KXM[]"8
M2?X)0.WOP#]5'K4GQ5(/BBV]K)/_ $-Z -_4=1OD^$]M>)>7"W1"9G$K!S\^
M/O9S53X7WES?:EJDUW<37$OE1C?*Y=L9;C)I=38'X-6F".D8_P#'ZK_"4C[;
MJ8SSY<?\S0!4U[P]XNTK1;F[O]>:>U4!9(UO)6W!B%Q@@ ]:W-*MM4N_A-9Q
M:.TJWI9BIBE\ML><V?FR.WO7-7WPUUFPL+B\EN; QP1-*P61\D*,G&5Z\5M1
MWEQ8_!NUGM;B2"99" \;E2/WS=Q0!8\22W.G_#46&N722:I*RA 6W,<2 ]>^
M%')JKK'_ "1[3O\ >3^;5+J)7QE\.!J+[#J.G@F1L8/R_>_-<-CUQ4.L$?\
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M@#T#XBB-M/TA[K9!JBIMDM(I-R1KCL.@YP/\<5Y_110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MT'XU#<V\MI=36TZ[)H7:-UR#A@<$9'O0!%1110 4444 %%%% !1110 4444
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MQ&C$GT4C_&@#RJBNL\7>")_#BK=02FXL6;;O(PT9[!O\:V]&^'-CJOAZVO\
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M7A+[1$#)9 &=EE5;PE5CS+Y9&6&2V$#<\#!^7.:C6T\*(P#V]L6>1PPDO,;
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M_M&O"*]D_P"$AT?_ (03[+_:=K]H_LSR_+\P;MWE8QCUSQ0!#\*X(T\-W,X
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo_sm.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo_sm.jpg
M_]C_X  02D9)1@ ! 0$ > !X  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1"  3 $T# 2(  A$! Q$!_\0
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M"[3C)0,>#VYKHJ^!-%TSQ;X\^"?P^AT[4EUK&H7TMUX=N-7^RW.IJLBXV,S
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>AEI+Z;X9TF'2K21_,D6,L[R-ZL[$LWXDXHHH __9

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