<SEC-DOCUMENT>0001171843-23-006727.txt : 20231103
<SEC-HEADER>0001171843-23-006727.hdr.sgml : 20231103
<ACCEPTANCE-DATETIME>20231103170527
ACCESSION NUMBER:		0001171843-23-006727
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230930
FILED AS OF DATE:		20231103
DATE AS OF CHANGE:		20231103

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:		231377247

	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_110223.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM 6 - K</B></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>As of November 1<SUP>st</SUP>, 2023</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; 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 nine-month period ended September 30, 2023.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: November 1<SUP>st</SUP>, 2023</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><IMG SRC="cover.jpg" ALT=""></FONT></P>

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

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

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    <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"><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="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended September 30, </B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine-month period ended September 30,</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="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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"><B>(Unaudited)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,237,836</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,974,801</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,453,930</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8,142,316</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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,973,381)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,766,486)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(6,548,324)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(5,023,770)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,264,455</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,208,315</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,905,606</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,118,546</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(432,682)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(403,435)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,448,765)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,180,097)</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; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">36,128</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,755)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">40,604</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">11,775</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>867,901</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>803,125</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,497,445</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,950,224</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>7</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">56,100</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">26,998</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">149,853</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">42,264</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>7</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(19,179)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(17,741)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(87,103)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(25,703)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">30,565</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(38,368)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">65,116</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(58,247)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>935,387</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>774,014</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,625,311</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,908,538</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Equity in (losses) earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(110,382)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,295</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">38,545</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">196,001</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>825,005</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>779,309</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,663,856</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,104,539</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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(278,200)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(171,239)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(851,804)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(359,010)</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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>546,805</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>608,070</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,812,052</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,745,529</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">537,311</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">606,470</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,788,967</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,745,962</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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9,494</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,600</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">23,085</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(433)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>546,805</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>608,070</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,812,052</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,745,529</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,180,537</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,180,537</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">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="background-color: rgb(242,242,242); white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">0.46</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">0.51</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2.36</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1.48</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) <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">0.91</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1.03</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4.72</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2.96</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> 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">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 31, 2022.</P>

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

<!-- Field: Page; Sequence: 4 -->
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<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</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: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended September 30, </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 52%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; 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>
    <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>Income for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>546,805</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>608,070</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,812,052</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,745,529</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(25,078)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(51,983)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,918)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(98,996)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Reclassification of currency translation adjustment reserve <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(71,252)</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 <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,806</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8,069</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(137,229)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">749</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">91,001</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(7,308)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">106,541</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,173</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(4,394)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(246)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(23,095)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,341)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>66,335</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>(51,468)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(60,701)</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>(170,667)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,695)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(301)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">944</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(140)</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="background-color: rgb(242,242,242); 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">(308)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(2,010)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(820)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(308)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,761)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,261)</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 (loss) for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>66,335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(51,776)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(64,462)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(171,928)</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="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>613,140</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>556,294</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,747,590</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>1,573,601</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">603,945</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">555,210</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,724,665</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,574,892</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,195</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,084</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">22,925</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,291)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>613,140</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>556,294</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,747,590</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>1,573,601</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>As result of NKKTubes&rsquo; definitive cease of operations,
the currency translation adjustment reserve belonging to the shareholders was reclassified with impact in the income statement. For more
information see note 22.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(**) </SUP>Mainly related to change in the fair value of U.S. dollar-denominated
Argentine bonds. For more information see note <FONT STYLE="color: black">19</FONT>.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 31, 2022.</P>

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

<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;<BR STYLE="clear: both"></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="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: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>At September 30, 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 14%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 14%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%">&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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>10</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,910,555</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>11</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,336,609</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>12</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">116,976</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>16</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,602,494</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>13</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">566,475</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">195,332</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">154,291</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,882,732</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,884,882</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">247,427</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">283,096</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,169,293</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>14</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,113</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>13</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,496,747</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>13</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">864,043</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,956,601</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>19,839,333</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">16,229,531</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">170,592</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,400,123</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">25,248</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>12</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">86,401</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">447,053</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">249,774</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">102,040</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">910,516</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">597,493</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>12</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">32,778</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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>14</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,563</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">379,724</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">324,188</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">29,206</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">160,533</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">999,209</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,528,694</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,439,210</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>19,839,333</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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 31, 2022.</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="font-size: 10pt; 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"><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="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<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>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share Capital <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Legal Reserves</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share Premium</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Currency Translation Adjustment</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other Reserves <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Retained Earnings <SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Non-controlling interests </B></FONT></TD>
    <TD STYLE="width: 6%; 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>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,138,681)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(325,572)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>13,461,638</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>13,905,709</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>128,728</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>14,034,437</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,788,967</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,788,967</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>23,085</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,812,052</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 0.05in"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,758)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,758)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(160)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,918)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0.05in"><FONT STYLE="font-size: 10pt">Remeasurements of post-employment benefit obligations, net of taxes</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(555)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,196)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,751)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,751)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 3.65pt; text-align: left"><FONT STYLE="font-size: 10pt">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(137,229)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(137,229)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(137,229)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 0.05in"><FONT STYLE="font-size: 10pt">From other comprehensive income of non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">106,541</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(25,105)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>81,436</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>81,436</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Other comprehensive (loss) income for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>99,783</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(162,889)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,196)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(64,302)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(160)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(64,462)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income (loss) for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>99,783</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(162,889)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,787,771</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,724,665</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>22,925</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,747,590</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0.05in"><FONT STYLE="font-size: 10pt">Acquisition and other changes in non-controlling interests <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">540</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>540</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">37,906</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>38,446</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 0.05in"><FONT STYLE="font-size: 10pt">Dividends paid</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(401,383)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(401,383)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(18,967)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(420,350)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at September 30, 2023</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,038,898)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(488,461)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>15,848,566</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,229,531</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>170,592</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,400,123</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">&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 <FONT STYLE="color: black">September 30, 2023</FONT> 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 <FONT STYLE="color: black">17</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"><SUP>(4)</SUP> Mainly related to change in the fair value of U.S. dollar-denominated
Argentine bonds. For more information see note <FONT STYLE="color: black">19</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"><SUP>(5)</SUP> Mainly related to Global Pipe Company (&ldquo;GPC&rdquo;)
acquisition. For more information see note <FONT STYLE="color: black">21</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">&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.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements should be read
in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended <FONT STYLE="color: black">December
31, 2022</FONT>.</P>

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

<!-- Field: Page; Sequence: 7 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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="7" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share Capital <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Legal Reserves</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share Premium</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Currency Translation Adjustment</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other Reserves <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Retained Earnings <SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="width: 7%; 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD 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>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,051,133)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(336,200)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,439,587</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,960,578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>145,124</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>12,105,702</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income (loss) for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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; 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; 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; 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; 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; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,745,962</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,745,962</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(433)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,745,529</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(98,380)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(98,380)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(616)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(98,996)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Reclassification of currency translation adjustment reserve <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(71,252)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(71,252)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(71,252)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Remeasurements of post-employment benefit obligations, net of taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(471)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(471)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(441)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,021</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(272)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>749</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">From other comprehensive income of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,173</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,161)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,988)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,988)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Other comprehensive (loss) for the period</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>&nbsp;-&nbsp;&nbsp;</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>&nbsp;-&nbsp;&nbsp;</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>&nbsp;-&nbsp;&nbsp;</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>(168,459)</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>(2,611)</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>&nbsp;-&nbsp;&nbsp;</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>(171,070)</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>(858)</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>(171,928)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income (loss) for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(168,459)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(2,611)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,745,962</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,574,892</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,291)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,573,601</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Acquisition and other changes in non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,506)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,506)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Dividends paid</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(330,584)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(330,584)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(10,432)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(341,016)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at September 30, 2022</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>1,180,537</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>118,054</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>609,733</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>(1,219,592)</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>(338,811)</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>12,854,965</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>13,204,886</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>129,895</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>13,334,781</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">&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 <FONT STYLE="color: black">September 30, 2022</FONT> 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 <FONT STYLE="color: black">17</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"><SUP>(4)</SUP> Related to NKKTubes&rsquo; cease of operations. For more
information see note <FONT STYLE="color: black">22</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">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements should be read
in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended <FONT STYLE="color: black">December
31, 2022</FONT>.</P>

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

<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; 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>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Notes</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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"><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: rgb(242,242,242); 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,812,052</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,745,529</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="background-color: rgb(242,242,242); white-space: nowrap; 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>10, 11 &amp; 12</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">392,163</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">428,588</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">134,168</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">118,590</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>8</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(38,545)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(196,001)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(44,926)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,152</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">21,935</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,269</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Reclassification of currency translation adjustment reserve <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>6 &amp; 22</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(71,252)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">248,125</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,449,130)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Others, including currency translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">34,366</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">52,530</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net cash provided by operating activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,559,338</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>643,275</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="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>10 &amp; 11</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(452,625)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(270,800)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">902</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(5,793)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Acquisition of subsidiaries, net of cash acquired <SUP>(***)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>21</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(104,419)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(4,082)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions to associated companies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>16</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(22,661)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Loan to non-consolidated companies</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,662)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,023</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">46,768</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Dividends received from non-consolidated companies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>16</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">43,513</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">45,488</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,597,425)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">85,175</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,126,354)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(103,244)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); white-space: nowrap; 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">Dividends paid</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(401,383)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(330,584)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dividends paid to non-controlling interest in subsidiaries</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(18,967)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(10,432)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Changes in non-controlling interests</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,772</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,506)</FONT></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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(35,968)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(38,836)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,358,223</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,349,718</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,524,973)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(793,587)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Net cash (used in) provided by financing activities </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(619,296)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>172,773</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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) increase in cash and cash equivalents</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(186,312)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>712,804</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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: rgb(242,242,242); 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(41,109)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(40,068)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">(Decrease) increase in cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(186,312)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">712,804</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At September 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>864,012</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>990,803</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="background-color: rgb(242,242,242); 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">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&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 September 30, </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="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">864,043</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">994,854</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(31)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(4,051)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>864,012</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>990,803</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Related to NKKTubes&rsquo; cease of operations. For more
information see note <FONT STYLE="color: black">22</FONT>.</P>

<P STYLE="color: #009900; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></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 $<FONT STYLE="color: black">0.5</FONT> million for <FONT STYLE="color: black">the nine-month period ended September 30, 2023</FONT>
and $<FONT STYLE="color: black">(40.8)</FONT> million for <FONT STYLE="color: black">the nine-month period ended September 30, 2022</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"><SUP>(***)</SUP> For <FONT STYLE="color: black">the nine-month period ended
September 30, 2023</FONT>, related to GPC, Isoplus anticorrosion coating division and Republic Tube LLC&rsquo;s OCTG pipe processing facility
acquisitions. For more information see note <FONT STYLE="color: black">21</FONT>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For <FONT STYLE="color: black">the nine-month period ended September 30,
2022</FONT>, related to Parques E&oacute;licos de la Buena Ventura S.A. acquisition.</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>

<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.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 31, 2022.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 3%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">1</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 97%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">General information</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Accounting policies and basis of presentation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Segment information</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cost of sales</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Selling, general and administrative expenses</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Other operating income (expense), net</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Financial results</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Equity in (losses) earnings of 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">9</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">10</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">11</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">12</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">13</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">14</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">15</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">16</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">17</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">18</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">19</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">20</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">21</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Business Combinations</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">22</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">23</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Agreement to acquire a Pipe Coating Business Unit of Mattr</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">24</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">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">25</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="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris S.A. (the &quot;Company&quot;) was established as a public limited
liability company (<I>soci&eacute;t&eacute; anonyme</I>) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company
holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses.
References in these Consolidated Condensed Interim Financial Statements to &ldquo;Tenaris&rdquo; refer to Tenaris S.A. and its consolidated
subsidiaries. A list of the principal Company&rsquo;s subsidiaries is included in note 32 to the Company&rsquo;s audited Consolidated
Financial Statements for the year ended <FONT STYLE="color: black">December 31, 2022</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 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 <FONT STYLE="color: black">November 1, 2023</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>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements have been prepared
in accordance with IAS 34, &ldquo;Interim Financial Reporting&rdquo; as issued by the International Accounting Standards 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 <FONT STYLE="color: black">December
31, 2022</FONT>. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated
Financial Statements for the year ended <FONT STYLE="color: black">December 31, 2022</FONT>, 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 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 <FONT STYLE="color: black">December
31, 2022</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">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, net</I>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 was the 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 Brazilian operations within Tenaris&rsquo;s international commercial and
supply chain system, as well as the fact that the main purchase and long term sales contracts with major international and local oil companies
are either entered into or indexed to the U.S. dollar. Local steel prices in Brazil are also affected by the fluctuation of the U.S. dollar
against the Brazilian Real.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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 <FONT STYLE="color: black">December 31, 2022</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"><FONT STYLE="color: windowtext">None of the accounting pronouncements applicable
after </FONT>December 31, 2022<FONT STYLE="color: windowtext">, 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.</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">Whenever necessary, certain comparative amounts have been reclassified
to conform to changes in presentation in the current period.</P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 58%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Nine-month period ended September 30, 2023 - (Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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"><B>Management view - operating income</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,489</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>95</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,584</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Difference in cost of sales</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(72)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Differences in selling, general and administrative expenses</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Differences in other operating income (expenses), net and others</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(11)</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"><B>IFRS - operating income</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,497</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Financial income (expense), net</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt">128</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="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,625</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt">39</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"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,664</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><I>Net Sales</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><I>10,987</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><I>467</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><B><I>11,454</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><I>Depreciation and amortization</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><I>377</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><I>15</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><B><I>392</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></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: 58%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Nine-month period ended September 30, 2022 - (Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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"><B>Management view - operating income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,618</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>50</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,668</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Difference in cost of sales</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">214</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Differences in depreciation and amortization</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">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;(5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Differences in other operating income (expenses), net and others</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">72</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"><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>1,950</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Financial income (expense), net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(42)</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"><B>1,908</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">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">196</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"><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>2,104</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; text-align: left"><FONT STYLE="font-size: 10pt"><I>Net Sales</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>7,667</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>475</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>8,142</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><I>Depreciation and amortization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>414</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>15</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>429</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><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 <FONT STYLE="color: black">the nine-month
period ended September 30, 2023 and 2022</FONT>, 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 $<FONT STYLE="color: black">77.2</FONT>
million and $<FONT STYLE="color: black">48.5</FONT> million respectively.</FONT></P>

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

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

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;<BR STYLE="clear: both">
</FONT></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: 40%">&nbsp;</TD>
    <TD STYLE="width: 12%; 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: 12%; 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: 12%; 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: 12%; 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: 12%; 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>Nine-month period ended September 30, 2023 - (Unaudited)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,176,371</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,716,588</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">843,172</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,717,799</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,453,930</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">142,374</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">194,093</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">86,042</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">30,116</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>452,625</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">216,398</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">83,635</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">55,113</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">37,017</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>392,163</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>Nine-month period ended September 30, 2022 - (Unaudited)</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">4,769,615</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,664,350</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">786,310</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">922,041</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>8,142,316</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">90,295</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">121,499</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">40,895</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">18,111</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>270,800</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">245,595</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">84,518</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">55,541</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">42,934</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>428,588</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>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">No single customer comprised more than 10% of Tenaris&rsquo;s net sales
in <FONT STYLE="color: black">the nine-month period ended September 30, 2023</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">As of <FONT STYLE="color: black">September 30, 2023</FONT>, Tenaris holds
$2,169 million of <I>Trade Receivables, net</I> out of which 53% are related to customers belonging to North America region, comprising
Mexico. In particular, the exposure with its primary customer in Mexico is relatively significant. Such exposure is not in dispute and
the Company has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer.</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 <FONT STYLE="color: black">the nine-month period ended September 30, 2023 and 2022</FONT>, r<FONT STYLE="color: black">evenues
related to governmental institutions represented approximately 26% 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>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 72%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Revenues Tubes </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,655</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,495</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">643</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">549</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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">689</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">623</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="background-color: rgb(242,242,242); border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>10,987</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>7,667</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

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

<TABLE 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>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><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 STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Increase in inventories due to business combinations <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">51,212</FONT></TD>
    <TD STYLE="white-space: nowrap; 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>Plus: Charges of the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,981,560</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,167,217</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Services and fees</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">317,525</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">215,932</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Labor cost</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,032,284</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">840,899</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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">306,556</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">324,034</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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">8,791</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">8,525</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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">21,902</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">26,704</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Maintenance expenses</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">309,619</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">199,765</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Allowance for obsolescence</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">12,571</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">9,304</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">237,589</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">112,507</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">166,668</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">125,425</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,446,277</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,030,312</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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,884,882)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,679,135)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,548,324</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,023,770</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> For <FONT STYLE="color: black">the nine-month period ended
September 30, 2023</FONT>, related to GPC and Isoplus anticorrosion coating division acquisitions. For more information see note <FONT STYLE="color: black">21</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>

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

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

<TABLE 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>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">119,568</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">109,696</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Labor cost</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">472,649</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">383,915</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">15,897</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">15,893</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">24,418</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">41,595</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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">14,599</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11,837</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">542,975</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">466,087</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">40,066</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,716</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,255</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(627)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">137,065</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">81,125</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">78,273</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">58,860</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,448,765</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,097</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">&nbsp;</P>

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

<P STYLE="margin: 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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; 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: left"><FONT STYLE="font-size: 10pt"><I>Other operating income</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&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">Net income from other sales</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,231</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">25,377</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net rents</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,702</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,822</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Reclassification of currency translation adjustment reserve</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">71,252</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Bargain purchase gain</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,162</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Result on sale of Venezuela awards</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">33,341</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,139</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>51,575</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>100,451</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><I>Other operating expenses</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Contributions to welfare projects and non-profits organizations</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(10,729)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(8,993)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Allowance for doubtful receivables</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(242)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(977)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Securities Exchange Commission investigation settlement</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(78,100)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Other expense</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(606)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(10,971)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(88,676)</B></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="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>40,604</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>11,775</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Reclassification of currency translation adjustment reserve:</I> As
result of NKKTubes&rsquo; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was
reclassified to the income statement. For more information see note <FONT STYLE="color: black">22</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"><I>Bargain purchase gain:</I> Related to Isoplus anticorrosion coating
division acquisition. For more information see note <FONT STYLE="color: black">21</FONT> &ldquo;Business Combinations - <I>Acquisition
of Anticorrosion Coating Assets in Italy</I>&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"><I>Result on sale of Venezuela awards:</I> For more information see note
<FONT STYLE="color: black">24</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"><I>Securities Exchange Commission investigation settlement:</I> For more
information see note <FONT STYLE="color: black">17</FONT> &ldquo;Contingencies, commitments and restrictions to the distribution of profits
- Contingencies - <I>Petrobras-related proceedings and claims</I>&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">&nbsp;</P>

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

<P STYLE="margin: 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: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; 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="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">143,287</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">56,130</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net result on changes in FV of financial assets at FVTPL</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,566</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(13,866)</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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>149,853</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>42,264</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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>(87,103)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>(25,703)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange transactions results</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">70,131</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(5,322)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange derivatives contracts results</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(4,760)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(22,879)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(255)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(30,046)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other Financial results, net</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>65,116</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>(58,247)</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="background-color: rgb(242,242,242); 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>127,866</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>(41,686)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Finance Income:</I> For <FONT STYLE="color: black">the nine-month period
ended September 30, 2023 and 2022</FONT> includes $46.2 million and $20.0 million of interest related to instruments carried at FVTPL,
respectively.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For <FONT STYLE="color: black">the nine-month period ended September 30,
2022</FONT> also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments obtained in an
operation of settlement of trade receivables.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Net foreign exchange derivatives contracts results: </I>For <FONT STYLE="color: black">the
nine-month period ended September 30, 2023</FONT> includes mainly losses on derivatives covering sales and fiscal receivables in Brazilian
real offset by gains on derivatives covering fiscal payables in Colombian peso, fiscal receivables in Mexican peso and derivatives covering
trade receivables in Chinese yuan.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For <FONT STYLE="color: black">the nine-month period ended September 30,
2022</FONT> includes mainly losses on derivatives covering net receivables in Brazilian real, together with losses on derivatives covering
net liabilities in Euro and Japanese yen, partially offset by gains on derivatives covering trade receivables in Canadian dollar.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Other:</I> For <FONT STYLE="color: black">the nine-month period ended
September 30, 2022</FONT> includes a loss of $29.8 million related to the transfer of U.S. dollar-denominated Argentine bonds paid as
dividend in kind from an Argentine subsidiary to its foreign shareholders.</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>

<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>Equity in (losses) earnings of non-consolidated companies</B></TD></TR></TABLE>

<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: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; 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="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">From non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">48,038</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">230,042</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Remeasurement of previously held interest</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,506</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Bargain purchase gain</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,487</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Impairment loss on non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(34,041)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Net loss related to participation increase in Usiminas</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(25,486)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>38,545</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>196,001</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="font-size: 10pt; 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"><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="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Remeasurement of previously held interest: </I>For <FONT STYLE="color: black">the
nine-month period ended September 30, 2023</FONT> related to GPC acquisition. For more information see note <FONT STYLE="color: black">21</FONT>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Bargain purchase gain: </I>For <FONT STYLE="color: black">the nine-month
period ended September 30, 2023</FONT>, $11.5 million related to GPC acquisition. For more information see note <FONT STYLE="color: black">21</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"><I>Impairment loss on non-consolidated companies:</I> For <FONT STYLE="color: black">the
nine-month period ended September 30, 2022</FONT>, $19.1 related to the investment in Usinas Sider&uacute;rgicas de Minas Gerais S.A.
(&ldquo;Usiminas&rdquo;) and $14.9 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>

<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>Dividend distribution </B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On <FONT STYLE="color: black">May 3, 2023</FONT>, the Company&rsquo;s shareholders
approved an annual dividend in the amount of $<FONT STYLE="color: black">0.51</FONT> per share ($<FONT STYLE="color: black">1.02</FONT>
per ADS). The amount approved by the shareholders included the interim dividend previously paid in <FONT STYLE="color: black">November
23, 2022</FONT> in the amount of $<FONT STYLE="color: black">0.17</FONT> per share ($<FONT STYLE="color: black">0.34</FONT> per ADS).
The balance, amounting to $<FONT STYLE="color: black">0.34</FONT> per share ($<FONT STYLE="color: black">0.68</FONT> per ADS), was paid
on <FONT STYLE="color: black">May 24, 2023</FONT>, for an amount of approximately $<FONT STYLE="color: black">401</FONT> million. In the
aggregate, the interim dividend paid in November 2022 and the balance paid in May 2023 amounted to approximately $<FONT STYLE="color: black">602</FONT>
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 <FONT STYLE="color: black">May 3, 2022</FONT>, the Company&rsquo;s shareholders
had approved an annual dividend in the amount of $<FONT STYLE="color: black">0.41</FONT> per share ($<FONT STYLE="color: black">0.82</FONT>
per ADS). The amount approved by the shareholders included the interim dividend previously paid in <FONT STYLE="color: black">November
24, 2021</FONT> in the amount of $<FONT STYLE="color: black">0.13</FONT> per share ($<FONT STYLE="color: black">0.26</FONT> per ADS).
The balance, amounting to $<FONT STYLE="color: black">0.28</FONT> per share ($<FONT STYLE="color: black">0.56</FONT> per ADS), was paid
on <FONT STYLE="color: black">May 25, 2022</FONT>, for an amount of approximately $<FONT STYLE="color: black">331</FONT> million. In the
aggregate, the interim dividend paid in November 2021 and the balance paid in May 2022 amounted to approximately $<FONT STYLE="color: black">484</FONT>
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>

<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>Property, plant and equipment, net</B></TD></TR></TABLE>

<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: top">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; 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>Nine-month period ended September 30,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opening net book amount</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">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="text-align: justify"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,911)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(62,634)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Increase due to business combinations <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">268,118</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">187</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">420,644</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">246,541</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disposals / Consumptions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(7,910)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(31,021)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Transfers / Reclassifications</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(196)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,382</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(322,453)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(339,927)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At September 30,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,910,555</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,640,329</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>For <FONT STYLE="color: black">the nine-month period ended
September 30, 2023</FONT>, related to GPC, Isoplus anticorrosion coating division and Republic Tube LLC&rsquo;s OCTG pipe processing facility
acquisitions. For more information see note <FONT STYLE="color: black">21</FONT>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For <FONT STYLE="color: black">the nine-month period ended September 30,
2022</FONT>, related to Parques E&oacute;licos de la Buena Ventura S.A. acquisition.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">See note <FONT STYLE="color: black">18</FONT> 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% interest.</P>

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

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="font-size: 10pt; 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"><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="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&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>Intangible assets, net</B></TD></TR></TABLE>

<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: top">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; 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>Nine-month period ended September 30,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opening net book amount</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">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="text-align: justify"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(24)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Increase due to business combinations <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,163</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,018</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">31,981</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">24,259</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disposals / Consumptions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(35)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Transfers / Reclassifications</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">196</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,382)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Amortization charge </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(33,209)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(50,120)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At September 30,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,336,609</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,347,892</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> For <FONT STYLE="color: black">the nine-month period ended
September 30, 2023</FONT>, related to GPC, Isoplus anticorrosion coating division and Republic Tube LLC&rsquo;s OCTG pipe processing facility
acquisitions. For more information see note <FONT STYLE="color: black">21</FONT>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For <FONT STYLE="color: black">the nine-month period ended September 30,
2022</FONT>, related to Parques E&oacute;licos de la Buena Ventura S.A. acquisition.</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>

<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>Right-of-use assets, net and lease liabilities</B></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; 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="text-align: justify">&nbsp;</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; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Nine-month period ended September 30,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opening net book amount</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">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="text-align: justify"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(950)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Increase due to business combinations <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,451</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">42,801</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">46,398</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disposals / Consumptions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,495)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,303)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation charge </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(36,501)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(38,541)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At September 30,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>116,976</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>112,342</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> For <FONT STYLE="color: black">the nine-month period ended
September 30, 2023</FONT>, related to GPC acquisition. For more information see note <FONT STYLE="color: black">21</FONT>.</P>

<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>Right-of-use assets, net by underlying category</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At September 30,</B></FONT></TD>
    <TD STYLE="width: 14%; 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="background-color: rgb(242,242,242); vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><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="background-color: White; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">21,251</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">76,099</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">18,128</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,498</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="text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>116,976</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: left"><B><I>&nbsp;</I></B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; 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>Nine-month period ended September 30,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; 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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">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="text-align: left"><FONT STYLE="font-size: 10pt">Translation differences</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">969</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,812)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Increase due to business combinations <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,361</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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">42,786</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">46,382</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cancellations</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,667)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(4,563)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(38,340)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(41,727)</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="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,893</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,484</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At September 30,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>119,179</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>116,049</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> For <FONT STYLE="color: black">the nine-month period ended
September 30, 2023</FONT>, related to GPC acquisition. For more information see note <FONT STYLE="color: black">21</FONT>.</P>

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

<!-- Field: Page; Sequence: 17 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of <FONT STYLE="color: black">September 30, 2023</FONT>, the amount
of remaining payments with maturities of less than 1 year, between 2 and 5 years and more than 5 years was approximately <FONT STYLE="color: black">27%</FONT>,
<FONT STYLE="color: black">46%</FONT> and <FONT STYLE="color: black">27%</FONT>, 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 <FONT STYLE="color: black">September 30, 2022</FONT>, the amount
of remaining payments with maturities of less than 1 year, between 2 and 5 years and more than 5 years was approximately <FONT STYLE="color: black">27%</FONT>,
<FONT STYLE="color: black">45%</FONT> and <FONT STYLE="color: black">28%</FONT>, 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">&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>13</B></TD><TD><B>Cash and cash equivalents and other investments</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At September 30,</B></FONT></TD>
    <TD STYLE="width: 14%; 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="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><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; text-align: left"><FONT STYLE="font-size: 10pt"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="background-color: White; 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; text-align: left"><FONT STYLE="font-size: 10pt">Cash at banks</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">176,907</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">149,424</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Liquidity funds</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">411,282</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">422,859</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Short-term investments</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">275,854</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">519,244</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>864,043</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,091,527</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Other investments - current </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Bonds and other fixed income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">787,159</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">211,953</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,495,461</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">196,152</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Fund investments</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">214,127</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">30,343</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,496,747</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>438,448</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Other investments - non-current </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Bonds and other fixed income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">560,489</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">113,574</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="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,986</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,328</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>566,475</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>119,902</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14</B></TD><TD><B>Derivative financial instruments</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At September 30,</B></FONT></TD>
    <TD STYLE="width: 14%; 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; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><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; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White; vertical-align: top; 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">Derivatives hedging borrowings and investments</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">766</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; text-align: left"><FONT STYLE="font-size: 10pt">Other derivatives</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,347</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; text-align: left"><FONT STYLE="font-size: 10pt"><B>Contracts with positive fair values</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,113</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>30,805</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other derivatives </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,563</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; text-align: left"><FONT STYLE="font-size: 10pt"><B>Contracts with negative fair values</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,563</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>7,127</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15</B></TD><TD><B>Category of financial instruments and classification within the fair value hierarchy</B></TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table illustrates the three hierarchical levels for valuing
financial instruments at fair value and those measured at amortized cost as of <FONT STYLE="color: black">September 30, 2023</FONT> and
<FONT STYLE="color: black">December 31, 2022</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>

<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"><FONT STYLE="font-size: 10pt"><B>Carrying amount</B></FONT></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>September 30, 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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 10%; 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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>864,043</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>452,761</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>411,282</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>411,282</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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"><B><I>Other investments </I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,496,747</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,495,461</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,001,286</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,001,286</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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"><I>Fixed Income (time-deposit, zero coupon bonds, commercial papers)</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>1,495,461</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>1,495,461</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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">U.S. Sovereign Bills</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>230,595</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">230,595</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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">Certificates of Deposits</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>538,305</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">538,305</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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">Commercial Papers</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>457,556</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">457,556</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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">Other notes</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>269,005</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">269,005</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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"><FONT STYLE="font-size: 10pt"><I>Bonds and other fixed income</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>787,159</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>787,159</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>787,159</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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">U.S. government securities</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>48,819</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">48,819</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">48,819</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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">Non - U.S. government securities</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>4,286</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4,286</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4,286</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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">Corporates securities</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>734,054</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">734,054</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">734,054</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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"><FONT STYLE="font-size: 10pt"><I>Mutual Fund</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>214,127</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>214,127</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>214,127</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>11,113</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>11,113</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>11,113</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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"><B><I>Other Investments Non-current</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>566,475</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>566,475</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>560,489</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>5,986</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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>560,489</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">560,489</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">560,489</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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">Other investments</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>5,986</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5,986</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5,986</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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,169,293</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,169,293</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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"><B><I>Receivables C and NC</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>401,718</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>138,467</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>138,467</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>138,467</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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">Other receivables (non-financial)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>263,251</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; 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"><B>Total </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,255,982</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,990,156</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,973,057</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,113</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,986</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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; 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="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>622,741</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>622,741</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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"><B><I>Trade payables</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>999,209</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>999,209</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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"><B><I>Lease Liabilities C and NC</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>119,179</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>119,179</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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="background-color: rgb(242,242,242); 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"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>5,563</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>5,563</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>5,563</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; 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"><B>Total </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,741,129</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,563</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,563</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; 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: left"><B><I>&nbsp;</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="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carrying amount</B></FONT></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>December 31, 2022</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%">&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"><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"><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"><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">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">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">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"><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; 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">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">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"><FONT STYLE="font-size: 10pt"><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"><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"><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">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">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"><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"><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">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">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"><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"><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"><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"><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"><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"><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"><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: left"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP> Includes balances related to
interest in our Venezuelan companies, see note <FONT STYLE="color: black">24</FONT>.</FONT></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT> <FONT STYLE="color: black"><BR STYLE="clear: both">
</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: 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.</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 <FONT STYLE="color: black">99.6%</FONT>
of its carrying amount including interests accrued as of <FONT STYLE="color: black">September 30, 2023</FONT> as compared with <FONT STYLE="color: black">99.2%</FONT>
as of <FONT STYLE="color: black">December 31, 2022</FONT>. 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>

<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>16</B></TD><TD STYLE="text-align: justify"><B>Investments in non-consolidated companies</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">This note supplements and should be read in conjunction with note 13 to
the Company&rsquo;s audited Consolidated Financial Statements for the year ended <FONT STYLE="color: black">December 31, 2022</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; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 64%; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; 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; 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="text-align: left"><FONT STYLE="font-size: 10pt">At the beginning of the period</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">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="text-align: left"><FONT STYLE="font-size: 10pt">Translation differences </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">106,541</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,173</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">48,038</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">230,042</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Impairment loss in non-consolidated companies <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(34,041)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dividends and distributions received <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(41,348)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(41,348)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Acquisition of non-consolidated companies <SUP>(***)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">22,661</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Decrease due to step-acquisition <SUP>(****)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(23,453)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net loss related to participation increase in Usiminas</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(25,486)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Decrease in equity reserves and others</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(25,105)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,161)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,602,494</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>1,536,439</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> For <FONT STYLE="color: black">the nine-month period ended
September 30, 2022</FONT> includes an impairment of $19.1 related to the investment in Usiminas and $14.9 million related to the joint
venture with Severstal.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(**) </SUP>During <FONT STYLE="color: black">the nine-month period
ended September 30, 2023 and 2022</FONT> $<FONT STYLE="color: black">43.5</FONT> million and $<FONT STYLE="color: black">45.5</FONT> million
respectively were collected. These dividends are derived from our investments in Ternium and Usiminas.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(***)</SUP> For <FONT STYLE="color: black">the nine-month period ended
September 30, 2023</FONT>, related to the investment in Usiminas.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(****) </SUP>For <FONT STYLE="color: black">the nine-month period
ended September 30, 2023</FONT>, related to GPC acquisition. For more information see note <FONT STYLE="color: black">21</FONT>.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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 STYLE="text-align: justify"><I>Ternium</I></TD></TR></TABLE>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of <FONT STYLE="color: black">September 30, 2023</FONT>, the closing
price of Ternium&rsquo;s ADSs as quoted on the New York Stock Exchange was $<FONT STYLE="color: black">39.90</FONT> per ADS, giving Tenaris&rsquo;s
ownership stake a market value of approximately $<FONT STYLE="color: black">916.6</FONT> 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
$<FONT STYLE="color: black">1,432.6</FONT> 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 Ternium whenever events or circumstances
indicate that the asset&rsquo;s carrying amount may not be recoverable. As of <FONT STYLE="color: black">September 30, 2023</FONT>, the
Company concluded that the carrying amount did not exceed the recoverable value of the investment.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Usiminas 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 Nippon Steel Corporation, Mitsubishi and MetalOne (the &ldquo;NSC Group&rdquo;),
pro rata to their current participations in the T/T Group, 68.7 million ordinary shares of Usiminas at a price of BRL10 per ordinary share.
The transaction closed on July 3, 2023, and was financed with cash on hand. Tenaris paid approximately BRL110 million (approximately $22.7
million) in cash for 11 million ordinary shares, increasing its participation in the Usiminas control group to 9.8%. The T/T Group now
holds 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.</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 was replaced by
a new shareholders agreement setting forth a new governance structure for Usiminas. The T/T Group is entitled to 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 retains 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 continues having significant influence over Usiminas and consequently
accounts 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">Following the acquisition of shares referred to above and considering the
carrying value of the previously held interest, the purchase price of the additional shares and the fair value measurement of the Usiminas
shares conducted at the level of the T/T Group, the Company recorded a net loss of $25.5 million included in <I>Equity in (losses) earnings
of non-consolidated companies</I> in the Consolidated Income Statement.</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 <FONT STYLE="color: black">September 30, 2023</FONT>, the closing
price of the Usiminas&rsquo; ordinary and preferred shares, as quoted on the B3 - Brasil Bolsa Balc&atilde;o S.A, was BRL<FONT STYLE="color: black">6.94</FONT>
($<FONT STYLE="color: black">1.39</FONT>) and BRL<FONT STYLE="color: black">6.64</FONT> ($<FONT STYLE="color: black">1.33</FONT>), respectively,
giving Tenaris&rsquo;s ownership stake a market value of approximately $<FONT STYLE="color: black">67.5</FONT> million. As of that date,
the carrying value of Tenaris&rsquo;s ownership stake in Usiminas was approximately $<FONT STYLE="color: black">118.1</FONT> 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 <FONT STYLE="color: black">September 30, 2023</FONT>, 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>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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 STYLE="text-align: justify"><I>Techgen</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen S.A. de C.V. (&ldquo;Techgen&rdquo;) is a Mexican company that
operates a natural gas-fired combined cycle electric power plant in the Pesquer&iacute;a area of the State of Nuevo Le&oacute;n, Mexico,
with a power capacity of 900 MW. As of <FONT STYLE="color: black">September 30, 2023</FONT>, 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. (&ldquo;San Faustin&rdquo;),
the controlling shareholder of both Tenaris and Ternium), beneficially owned 48% and 30%, respectively. As of <FONT STYLE="color: black">September
30, 2023</FONT>, the carrying value of Tenaris&rsquo;s ownership stake in Techgen was approximately $<FONT STYLE="color: black">49.7</FONT>
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 and an agreement for the purchase of clean energy certificates. As of <FONT STYLE="color: black">September 30, 2023</FONT>,
Tenaris&rsquo;s exposure under these agreements amounted to $<FONT STYLE="color: black">40.2</FONT> million and $<FONT STYLE="color: black">17.0</FONT>
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 <FONT STYLE="color: black">September 30, 2023</FONT>, the aggregate outstanding principal amount under these subordinated loans
was $<FONT STYLE="color: black">276.3</FONT> million, of which $<FONT STYLE="color: black">60.8</FONT> million correspond to Tenaris&rsquo;s
contribution.</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 <FONT STYLE="color: black">September
30, 2023</FONT>, amounted to $<FONT STYLE="color: black">10.9</FONT> 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: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Global Pipe Company (&ldquo;GPC&rdquo;) is a joint venture established
in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW pipes. Until May 16, 2023, Tenaris, through its subsidiary SSPC,
owned 35% of the share capital of GPC and, accordingly, GPC was a non-consolidated company.</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 17, 2023, SSPC acquired an additional 22.3% interest in GPC reaching
a participation of 57.3%. The Company consolidates GPC&rsquo;s balances and results of operations as from May 17, 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">For more information on GPC acquisition and its accounting treatment see
note <FONT STYLE="color: black">21</FONT> &ldquo;Business Combinations - <I>Global Pipe Company acquisition</I>&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">&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>17</B></TD><TD STYLE="text-align: justify"><B>Contingencies, commitments and restrictions to the distribution of profits </B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B><I>(i)</I></B></TD><TD STYLE="text-align: justify"><B><I>Contingencies</I></B></TD></TR></TABLE>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In 2013, the Company was notified of a lawsuit filed in Brazil by Companhia
Sider&uacute;rgica Nacional (&ldquo;CSN&rdquo;), and various entities affiliated with CSN against the Company&rsquo;s Brazilian subsidiary
Confab and three subsidiaries of Ternium, all of which compose the T/T Group under the Usiminas shareholders agreement. The entities named
in the CSN lawsuit had acquired a participation in Usiminas in January 2012. 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 ordinary shares
for a price per share equal to 80% of the price per share paid in such acquisition, or BRL 28.8, 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. Confab&rsquo;s share in the offer would be 17.9%.</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 (&ldquo;SCJ&rdquo;) seeking the review and reversal of the decision issued by the Court of
Appeals. On September 10, 2019, the SCJ declared CSN&rsquo;s appeal admissible. On March 7, 2023, the SCJ, by majority vote, rejected
CSN&rsquo;s appeal. CSN made several submissions in connection with the SCJ decision, including a motion for clarification that challenged
the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote and, at the date of these financial statements, voting
at the SCJ with respect to the motion for clarification is ongoing. At an October 17, 2023 session, two justices voted in favor of remanding
the case to the first instance for it to be retried following production and assessment of the new evidence, and two justices voted, without
requiring any further evidence, in favor of granting CSN&rsquo;s motion for clarification and reversing the March 7, 2023 decision that
rejected CSN&rsquo;s appeal; because the fifth member of SCJ excused himself from voting, a justice from another panel at the SCJ will
be summoned to produce the tie-breaking vote. There are no specified deadlines for voting to be resumed or the SCJ decision to be issued.
In any event, either party may appeal against a SCJ 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">According to the views of the two justices that voted in favor of CSN&rsquo;s
motion, Confab and the other members of the T/T Group should be ordered to pay to CSN an indemnification amount equal to the difference
between the price paid by the T/T Group in its acquisition and the market value of the Usiminas shares at signing, plus monetary adjustment
and interest (at a rate of 1% per month) through the date of payment, plus legal costs equal to 10% of the compensation payable to CSN,
with CSN retaining ownership of the Usiminas ordinary shares it currently owns. If that unprecedented view were to prevail, and depending
on how the indemnification is calculated by other courts, as of the date of these financial statements the potential aggregate indemnification
payable by Confab could reach up to BRL881 million (approximately $176 million at the current BRL/$ rate).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company continues to believe that all of CSN&rsquo;s claims and allegations
are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities
regulator in February 2012 and December 2016, the first and second instance court decisions and the March 7, 2023 SCJ decision referred
to above. Notwithstanding the foregoing, in light of the votes already issued by two members of the SCJ on CSN&rsquo;s motion for clarification,
the Company cannot predict the ultimate resolution on the matter.</P>

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

<!-- Field: Page; Sequence: 23 -->
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    <!-- Field: /Page -->

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

<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">&sect;</FONT>&nbsp;&nbsp;
<I>Veracel celulose accident litigation</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">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: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">With respect to Chubb&rsquo;s claim, the court subsequently homologated the above-mentioned settlement
and, accordingly, the claim was finalized.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">With respect to Veracel&rsquo;s claim, Confab was ordered to pay the insurance deductible and other concepts
not covered by insurance, currently estimated to amount to BRL<FONT STYLE="color: black">99.1</FONT> million (approximately $<FONT STYLE="color: black">19.8</FONT>
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 BRL<FONT STYLE="color: black">84.9</FONT> million (approximately $<FONT STYLE="color: black">17.0</FONT>
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: 0pt 0; font-size: 10pt; text-align: justify"><I>&nbsp;</I></P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Upon learning that Brazilian, Italian and Swiss authorities were investigating
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. 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>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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.
The appeal is still pending.</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 <FONT STYLE="color: black">September 30, 2023</FONT>, the aggregate amount
of these claims was estimated at BRL<FONT STYLE="color: black">322.2</FONT> million (or approximately $<FONT STYLE="color: black">64.3</FONT>
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>

<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">&sect;</FONT>&nbsp;&nbsp;&nbsp;
<I>Putative class actions</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">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.</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 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.</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 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.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On November 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;</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 10, 2023, the court granted preliminary approval to the class
settlement. The final settlement approval hearing was set for October 19, 2023, and on that date the court ordered that, prior to granting
final settlement approval, the lead plaintiffs submit on or before March 29, 2024, an update letter advising the court of the status of
the claims processing.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Administrative proceeding concerning Brazilian tax credits</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">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 BRL<FONT STYLE="color: black">60.3</FONT> million (approximately $<FONT STYLE="color: black">12.0</FONT> million). At this stage,
the Company cannot predict the outcome of this claim.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;
</FONT><I>U.S. patent infringement litigation</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">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 appealed this judgment, and Global Tubing appealed a previous ruling of the judge.
Global Tubing also 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 Investigations</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On October 27, 2021, the U.S. Department of Commerce (&ldquo;DOC&rdquo;)
initiated antidumping duty investigations of oil country tubular goods (&ldquo;OCTG&rdquo;) from Argentina, Mexico, and Russia. After
the DOC issued affirmative preliminary and final antidumping determinations with respect to imports from Argentina, Mexico and Russia
on October 27, 2022, the International Trade Commission (&ldquo;ITC&rdquo;) determined that the imports under investigation caused injury
to the U.S. OCTG industry. Tenaris and other parties have appealed the agency determinations from the investigation to the Court of International
Trade. In addition, in response to a request from the Government of Argentina, the World Trade Organization (&ldquo;WTO&rdquo;) established
a panel of experts to consider whether the DOC&rsquo;s antidumping order applicable to Argentina is consistent with the international
obligations of the United States. 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: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Potential dispute with agent in the Middle East</I></TD></TR></TABLE>

<P STYLE="color: #212121; font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: #212121">Consistent with local practice in certain
Middle East countries, Tenaris Global Services S.A. (&ldquo;TGSU&rdquo;), a Uruguayan subsidiary of the Company, sells materials to a
local agent, and the agent then resells the materials to customers in the region. Tenaris is not a party to the contracts between the
agent and each customer. In one such contract entered into in mid-2021, with pending obligations of approximately $520&nbsp;million and
deliveries until 2025, the agent agreed to supply Tenaris-produced casing and tubing of different sizes to the customer. Recent events
(including the ongoing Russian-Ukrainian war) have led to onerous increases in prices and delays to supply the materials, and as a result
the parties </FONT>have been <FONT STYLE="color: #212121">discussing a contract renegotiation and a recognition of increased costs. Negotiations
are currently ongoing.</FONT></P>

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

<!-- Field: Page; Sequence: 26 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: #212121">Tenaris believes, based on the advice of counsel,
that the customer should not be entitled to make any direct claim against TGSU in the event of dispute between the customer and the agent.
The customer will, however, have a direct recourse against the agent in the event of a dispute, and would be able to immediately liquidate
a performance bond guarantee issued by a commercial&nbsp;</FONT><FONT STYLE="color: black">bank&nbsp;</FONT><FONT STYLE="color: #212121">on
behalf of the agent up to an amount of approximately $70 million. If the customer&nbsp;sought legal action against the agent, whether
through liquidation of the performance bond or a civil case claiming for compensation damages as a result of the agent&rsquo;s default
under the contract, it is expected that the agent will file a civil legal case against TGSU as main supplier of the contracted materials.
In any such litigation, it is expected that the agent would claim damages, including as a result of the liquidation of the performance
bond. Although Tenaris believes, based on the advice of counsel, that TGSU would have meritorious defenses in case of a dispute, at this
stage the Company cannot predict whether the&nbsp;</FONT><FONT STYLE="color: black">customer</FONT><FONT STYLE="color: #212121">&nbsp;will
terminate the supply agreement, liquidate the performance bond or pursue any other action against the agent, or what the outcome of any
potential litigation between the agent and TGSU</FONT><FONT STYLE="color: black">&nbsp;</FONT><FONT STYLE="color: #212121">will be, nor
is it able to estimate the amount of any associated contingency.&nbsp;</FONT></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: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Certain subsidiaries of the Company entered into a contract with Praxair S.A. for the service of oxygen
and nitrogen supply. As of <FONT STYLE="color: black">September 30, 2023</FONT>, the aggregate amount to take or pay the committed volumes
for an original 14-year term totaled approximately $<FONT STYLE="color: black">36.2</FONT> million.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A U.S. subsidiary of the Company is a party to a contract with Nucor Steel Memphis Inc. under which it
is committed to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The
contract became effective upon delivery of the first purchase order, which occurred in April 2021, with an original duration of 3 years.
In September 2023, the parties agreed to extend its term until December 31, 2024. As of <FONT STYLE="color: black">September 30, 2023</FONT>,
the estimated aggregate contract amount calculated at current prices, is approximately $<FONT STYLE="color: black">87.7</FONT> million.
The contract gives the subsidiary of the Company the right to temporarily reduce the quantities to be purchased thereunder to 75% of the
agreed-upon minimum volume in cases of material adverse changes in prevailing economic or market conditions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into
a 6-year master distribution agreement (the &ldquo;MDA&rdquo;) with PAO TMK (&ldquo;TMK&rdquo;) whereby, since January 2, 2020, Tenaris
became the exclusive distributor of TMK&rsquo;s OCTG and line pipe products in United States and Canada. At the end of the MDA&rsquo;s
6-year term, TMK 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: 0pt 0 0pt 7.1pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A Brazilian subsidiary of the Company entered into a contract with Usiminas and Gerdau from which they
committed to purchase steel coils for a total amount of approximately $<FONT STYLE="color: black">109.6</FONT> million to use for manufacturing
welded pipes for the Raia fields project in Brazil.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A subsidiary of the Company entered into a contract with the supplier JFE Steel Corporation for the purchase
of tubular material, including 13 Chrome alloy products following the closure of NKKTubes.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition, Tenaris (i) applied for stand-by letters of credit as well
as corporate guarantees covering certain obligations of Techgen as described in note <FONT STYLE="color: black">16</FONT> (c) and (ii)
issued performance guarantees mainly related to long-term commercial contracts with several customers and parent companies for approximately
$<FONT STYLE="color: black">3.8</FONT> billion as of <FONT STYLE="color: black">September 30, 2023</FONT>.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><BR STYLE="clear: both">
</B></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"><B><I>&nbsp;</I></B></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 <FONT STYLE="color: black">September 30, 2023</FONT>, 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" 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>18</B></TD><TD STYLE="text-align: justify"><B>Cancellation of title deed in Saudi Steel Pipe Company</B></TD></TR>
</TABLE>

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

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

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

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

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

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

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

<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>19</B></TD><TD STYLE="text-align: justify"><B>Foreign exchange control measures in Argentina</B></TD></TR></TABLE>

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

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

<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">Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange
market and converted into Argentine pesos within 60 days (if made to related parties) or 180 days (if made to unrelated parties) from
shipment date, or, if collected earlier, within five days of collection.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify; text-indent: 3pt">&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">Foreign currency proceeds from exports of services must be sold into the Argentine foreign exchange market
and converted into Argentine pesos within five business days of collection.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify; text-indent: 3pt">&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">Access to the Argentine foreign exchange market to pay for imports of services rendered by related and
non-related parties (including royalties) is subject to Argentine authorities approval. Currently, these approvals are rarely, if ever,
granted.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">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. Effective October 17, 2022, the Argentine government implemented a 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. More recently, the Argentine government has been delaying the
release of foreign currency for payments, adding complexity to the existing regime.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">At this time, there are no rules on the conditions upon which the Argentine authorities may clear imports
or determine alternative payment terms.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; 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">Access to the Argentine foreign exchange market to make dividend payments requires prior Argentine Central
Bank approval. When required, Argentine Central Bank approvals are rarely, if ever, granted.<BR STYLE="clear: both">
</TD></TR></TABLE>

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

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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. For example, the Argentine Securities
Commission has recently imposed several additional restrictions on such securities transactions, including a requirement to give prior
notice to the Argentine government of any proposed transfer of securities outside of Argentina and a limitation on the amount of any such
transfers.</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">During May 2023, two Argentine subsidiaries of the Company, approved the
distribution of dividends in kind to their foreign shareholders, which were paid with U.S. dollar-denominated Argentine bonds which in
the Argentine market had a valuation of approximately $356 million. Considering that, as a result of the foreign exchange restrictions
in force, the value of such bonds in the international market as of <FONT STYLE="color: black">September 30, 2023</FONT>, was approximately
$<FONT STYLE="color: black">209</FONT> million, the Company recorded a negative equity reserve (FVOCI) that as of <FONT STYLE="color: black">September
30, 2023</FONT>, amounted to approximately $<FONT STYLE="color: black">147</FONT> million. Such reserve will be reclassified to financial
results upon the Company&rsquo;s disposal of these instruments. Under Argentine regulations in effect at the time of the dividend distribution,
transfer of these bonds outside of Argentina was restricted until November 21, 2023. However, as a result of the latest regulations issued
by the Argentine Securities Commission referred to above, the Company&rsquo;s ability to have these bonds transferred outside of Argentina
is further restricted to approximately $100 thousand per day, which may adversely affect the Company&rsquo;s ability to dispose of these
instruments in the short term and the immediate access to the proceeds from the disposal of these instruments. All the foregoing creates
a restriction on the availability of these 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">Tenaris&rsquo;s financial position in Argentine peso as of <FONT STYLE="color: black">September
30, 2023</FONT>, amounted to a net <FONT STYLE="color: black">short</FONT> exposure of approximately $<FONT STYLE="color: black">89</FONT>
million, in addition, our Argentine subsidiaries hold U.S. dollar-denominated Argentine bonds for $88 million in the aggregate, the value
of which could be adversely affected in the event of a sharp devaluation of the Argentine peso against the U.S. dollar. Another material
consequence of a sharp devaluation of the Argentine peso against the U.S. dollar would be a loss on deferred tax charge as a result of
a deterioration on the tax value of the fixed assets of our Argentine subsidiaries. At this time, the Company is unable to estimate all
impacts of a sharp devaluation of the Argentine peso against 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">As of <FONT STYLE="color: black">September 30, 2023</FONT>, the total equity
of Argentine subsidiaries represented approximately <FONT STYLE="color: black">9%</FONT> of Tenaris&rsquo;s total equity and the sales
fulfilled by Argentine subsidiaries during <FONT STYLE="color: black">the nine-month period ended September 30, 2023</FONT> amounted approximately
to <FONT STYLE="color: black">22%</FONT> of Tenaris&rsquo;s total sales. Assets and liabilities denominated in Argentine peso as of <FONT STYLE="color: black">September
30, 2023</FONT>, have been valued at the prevailing official exchange rate.</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. 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">&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>20</B></TD><TD STYLE="text-align: justify"><B>Related party transactions</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of <FONT STYLE="color: black">September 30, 2023</FONT>:</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>, owned 713,605,187 shares in the Company,
representing 60.45% of the Company&rsquo;s capital and voting rights.</TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Based on the information most recently available to the Company, Tenaris&rsquo;s
directors and senior management as a group owned <FONT STYLE="color: black">0.07%</FONT> of the Company&rsquo;s outstanding shares.</P>

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

<!-- Field: Page; Sequence: 29 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;<B><BR STYLE="clear: both">
</B></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 &ldquo;non-consolidated parties&rdquo;, nor subsidiaries, are disclosed
as &ldquo;other related parties&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>
    <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"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; 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="text-align: justify"><FONT STYLE="font-size: 10pt"><B>(i)</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><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; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(a) Sales of goods and services</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of goods to non-consolidated parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">42,789</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">82,572</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of goods to other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">91,869</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">111,056</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of services to non-consolidated parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,160</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,002</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of services to other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">77,340</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">80,337</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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>213,158</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>274,967</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(b) Purchases of goods and services</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of goods to non-consolidated parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">306,845</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">381,941</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of goods to other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">32,826</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">35,946</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of services to non-consolidated parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8,431</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,797</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of services to other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">62,916</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">27,251</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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>411,018</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>455,935</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(c) Financial Results</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Income from non-consolidated parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,401</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,563</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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>4,401</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>2,563</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(d) Dividends</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dividends received from non-consolidated parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">41,348</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">41,348</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dividends distributed to San Faustin </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">242,626</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">199,809</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<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="white-space: nowrap; vertical-align: bottom; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 68%; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White; vertical-align: top; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At September 30,</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; 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; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><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; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(ii)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Period-end balances</B></FONT></TD>
    <TD STYLE="background-color: White; 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; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(a) Arising from sales / purchases of goods / services / others</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from non-consolidated parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">114,487</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">31,704</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Payables to non-consolidated parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(53,020)</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Payables to other related parties </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(6,176)</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>86,995</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(b) Financial debt</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Finance lease liabilities from non-consolidated parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1,475)</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; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Finance lease liabilities from other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(422)</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; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,897)</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"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition to the tables above, the Company issued various guarantees
in favor of Techgen; for further details, see note <FONT STYLE="color: black">16</FONT> (c) and note <FONT STYLE="color: black">17</FONT>
(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">&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: 38.85pt"><B>21</B></TD><TD STYLE="text-align: justify"><B>Business Combinations</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The application of the purchase method requires certain estimates and assumptions,
mainly concerning the determination of the fair values of the acquired intangible assets, property, plant and equipment as well as the
liabilities assumed at the date of the acquisition, including the timing and amounts of cash flow projections, the revenue growth rates,
the customer attrition rates and the discount rate. The fair values determined at the acquisition date are based on discounted cash flows
and other valuation techniques.</P>

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

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<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The preliminary purchase price allocations were carried out with the assistance
of third-party experts. Following IFRS 3, the Company will continue reviewing the allocations and make any necessary adjustments during
the twelve months following each of the acquisition dates.</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 applicable, Tenaris recognizes the non-controlling interest at
the proportionate share of the acquiree&rsquo;s net identifiable assets.</P>

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

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

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-size: 10pt">&nbsp;
</FONT><I>&nbsp;&nbsp;Acquisition and price determination</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">On May 17, 2023, SSPC closed the acquisition of 22.3% of the shares of
GPC from Erndtebruecker Eisenwerk (&ldquo;EEW&rdquo;), a German company that owned 35% interest in GPC, for a purchase price of $<FONT STYLE="color: black">6.3</FONT>
million paid in cash. SSPC already owned 35% interest in GPC, following completion of this transaction, SSPC holds 57.3% interest of GPC.</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 consolidated GPC&rsquo;s balances and results of operations
as from May 17, 2023. The acquired business contributed revenues of $<FONT STYLE="color: black">72.2</FONT> million with a minor contribution
to Tenaris&rsquo;s results for the period starting May 17, 2023 and ending <FONT STYLE="color: black">September 30, 2023</FONT>. Had the
transaction been consummated on January 1, 2023, then Tenaris&rsquo;s unaudited pro forma net sales and net income would not have changed
materially.</P>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-size: 10pt">&nbsp;
</FONT><I>&nbsp;&nbsp;Fair value of net assets acquired</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">The allocation of the fair values determined for the assets and liabilities
arising from the acquisition is as follows:</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; width: 86%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fair value of acquired assets and liabilities as of acquisition date (May, 17, 2023):</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt"><B>$ million</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Property, Plant and Equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Working capital</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Cash and Cash Equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Net assets acquired</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;80</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris accounted for this transaction as a step-acquisition whereby Tenaris&rsquo;s
ownership interest in GPC held before the acquisition, which amounted to $<FONT STYLE="color: black">23.5</FONT> million, was remeasured
to fair value at that date. As a result, Tenaris recorded a gain of approximately $<FONT STYLE="color: black">4.5</FONT> million resulting
from the difference between the carrying value of its initial investments in GPC and the fair value, which was included in <I>Equity in
(losses) earnings of non-consolidated companies</I> in the Consolidated Income Statement.</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 the net assets and liabilities acquired shown above amounted
to approximately $<FONT STYLE="color: black">80</FONT> million. As a result of the acquisition, Tenaris recognized an additional gain
for approximately $<FONT STYLE="color: black">11.5</FONT> million also included in <I>Equity in (losses) earnings of non-consolidated
companies</I> in the Consolidated Income Statement.</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">Acquisition-related costs for the year ended 2022 were not material and
for <FONT STYLE="color: black">the nine-month period ended September 30, 2023</FONT>, amounted to $0.3 million and were included in general
and administrative expenses.</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 owners of GPC have issued corporate guarantees to secure
the 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.</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 a result of this acquisition, SSPC assumed a portion of EEW&rsquo;s
corporate guarantees. As of <FONT STYLE="color: black">September 30, 2023</FONT>, SSPC&rsquo;s aggregate exposure to GPC&rsquo;s financial
debt amounted to $92 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>Acquisition of Anticorrosion Coating Assets in Italy</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Acquisition and price determination</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On July 1, 2023, an Italian subsidiary of the Company completed its previously
announced acquisition of all of the assets and related rights, duties, liabilities and contracts of Isoplus Mediterranean S.r.l.&rsquo;s
(&ldquo;Isoplus&rdquo;) anticorrosion coating division for EUR<FONT STYLE="color: black">9.0</FONT> million (approximately $<FONT STYLE="color: black">9.8</FONT>
million) paid in cash.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Isoplus was established in 2009 in Villamarzana in Italy. It operates in
an area of about 65,000 square meters (covered and uncovered) with pipe pre-insulation (district heating) and anticorrosive coating (oil
&amp; gas) production lines.</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 consolidated Isoplus anticorrosion coating division balances
and results of operations as from July 1, 2023. The acquired business revenues, assigned to Tubes segment, were not material, with a minor
contribution to the Company&rsquo;s results for the period starting July 1, 2023 and ending September 30, 2023. Had the transaction been
consummated on January 1, 2023, then Tenaris&rsquo;s unaudited pro forma net sales and net income would not have changed materially.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Fair value of net assets acquired</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The allocation of the fair values determined for the assets and liabilities
arising from the acquisition is as follows:</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; width: 86%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fair value of acquired assets and liabilities as of acquisition date (July, 1, 2023):</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><B>$ million</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Property, Plant and Equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Working capital</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Net assets acquired</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 </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 fair value of the net assets and liabilities acquired shown above amounted
to approximately $<FONT STYLE="color: black">13</FONT> million. As a result of the acquisition, Tenaris recognized an additional gain
for approximately $<FONT STYLE="color: black">3.2</FONT> million also included in <I>Other Income and Expenses</I> in the Consolidated
Income Statement.</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">Acquisition-related costs for <FONT STYLE="color: black">the nine-month
period ended September 30, 2023</FONT> were not material and were included in general and administrative expenses.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>Acquisition of Republic Tube pipe processing facility</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Acquisition and price determination</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On September 6, 2023, a U.S. subsidiary of the Company acquired all of
the assets and related rights, duties, liabilities and contracts of Republic Tube LLC&rsquo;s OCTG pipe processing facility in Houston,
Texas. After adjustment, the purchase price amounted to $<FONT STYLE="color: black">90.5</FONT> million in cash.</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 plant, located on the northeast side of Houston, adds heat treatment
and finishing lines, further complementing Tenaris&rsquo;s existing operations in the south, and increasing its capacity to serve the
domestic 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">The Company consolidated the balances and results of operations of the
acquired business as from September 6, 2023. The acquired business had no revenues for the period starting September 6, 2023 and ending
September 30, 2023. Had the transaction been consummated on January 1, 2023, then Tenaris&rsquo;s unaudited pro forma net sales and net
income would not have changed materially.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Fair value of net assets acquired</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The allocation of the fair values determined for the assets and liabilities
arising from the acquisition is as follows:</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; width: 86%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fair value of acquired assets and liabilities as of acquisition date (September, 6, 2023):</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><B>$ million</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Property, Plant and Equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Working capital</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Net assets acquired</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">The fair value of the net assets and liabilities acquired shown above amounted
to approximately $<FONT STYLE="color: black">85.5</FONT> million. As a result of the acquisition, Tenaris recognized goodwill for approximately
$<FONT STYLE="color: black">5</FONT> million. The goodwill is deductible for tax purposes.</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 goodwill generated by the acquisition is mainly attributable to the
synergy created following the integration between the businesses, which is expected to enhance Tenaris&rsquo;s position as well as its
local manufacturing presence in the U.S. market, and also expand its services capabilities.</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">Acquisition-related costs for <FONT STYLE="color: black">the nine-month
period ended September 30, 2023</FONT> amounted to $0.7 million and were included in general and administrative expenses.</P>

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

<!-- Field: Page; Sequence: 32 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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>22</B></TD><TD STYLE="text-align: justify"><B>Termination of NKKTubes joint venture</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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. NKKTubes was liquidated
on 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 wrap-up agreements and 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">&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>23</B></TD><TD STYLE="text-align: justify"><B>Agreement to acquire a Pipe Coating Business Unit of Mattr</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On August 14, 2023, one of the Company&rsquo;s subsidiaries entered into
a definitive agreement to acquire from Shawcor Ltd., doing business as Mattr Infratech (&ldquo;Mattr&rdquo;), 100% of the shares of its
subsidiary Bredero Shaw International BV, which holds Mattr&rsquo;s pipe coating business, for approximately $166 million (including working
capital), on a cash-free, debt-free basis, subject to customary price adjustments.</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 business being acquired includes nine plants located in Canada, Mexico,
Norway, Indonesia, the UAE and the U.S., and several mobile concrete plants. The business also includes world-class R&amp;D facilities
in Toronto and Norway and a wide IP/product portfolio.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The transaction is subject to customary closing conditions. Regulatory
approval in Mexico is currently pending.</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>

<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>24</B></TD><TD STYLE="text-align: justify"><B>Nationalization of Venezuelan Subsidiaries</B></TD></TR></TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>&nbsp;</I></B></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 $<FONT STYLE="color: black">87.3</FONT> million for the breaches and ordered Venezuela to pay an additional amount of
$<FONT STYLE="color: black">85.5</FONT> million in pre-award interest, aggregating to a total award of $<FONT STYLE="color: black">173.0</FONT>
million (including $<FONT STYLE="color: black">0.2</FONT> million of legal fees), payable in full and net of any applicable Venezuelan
tax, duty or charge.</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 $<FONT STYLE="color: black">256.4</FONT> 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.</P>

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

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></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 $<FONT STYLE="color: black">137.0</FONT> million and ordered Venezuela
to pay an additional amount of $<FONT STYLE="color: black">76.0</FONT> million in pre-award interest and to reimburse Tenaris and Talta
$<FONT STYLE="color: black">3.3</FONT> 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.</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 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 $<FONT STYLE="color: black">276.9</FONT> 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 $<FONT STYLE="color: black">280.7</FONT> million, with post-judgment interest continuing to
accrue from August 24, 2021, at the federal statutory post-judgment interest rate.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">After the U.S. Office of Foreign Assets Control approved the transfer of
the awards and judgements to the purchaser, the transfer was consummated on September 7, 2023. As a result, the Company collected $82
million in the nine-month period ended September 30, 2023. The Company does not maintain any residual interest in these awards 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">&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>25</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">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On November 1, 2023, the Company&rsquo;s Board of Directors approved the
payment of an interim dividend of $0.20 per share ($0.40 per ADS), or approximately $236 million, payable on November 22, 2023, with an
ex-dividend date of November 20, 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>Tenaris Approves Share Buyback Program</I></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On November 1, 2023, the Company&rsquo;s board of directors approved a
share buyback program of up to $1.2 billion (which, at the closing price of November 1, 2023 on the Milan Stock Exchange, would represent
approximately 75.4 million shares, or 6.4% of the outstanding shares), to be executed within a year, with the intention to cancel the
ordinary shares acquired through the program.</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 buyback program will be carried out under the authority granted by
the annual general meeting of shareholders held on June 2, 2020, which may be renewed or extended, up to a maximum of 10% of the Company&rsquo;s
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">The buyback program is expected to be launched in the near future. The
program will be divided in tranches and purchases will be executed through a primary financial institution.</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 buybacks may be ceased, paused and continued at any time, subject to
compliance with applicable laws and regulations.</P>

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

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 87%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I></I></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #666666"><I></I></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the nine-month period ended September 30, 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #666666"><I></I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><IMG SRC="logo2.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>Investment to build a new wind farm in Argentina</I></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On November 1, 2023, following a successful bid for priority connection
rights to the interconnected grid, the Company&rsquo;s Board of Directors approved an investment plan to build a second wind farm in Argentina
at a cost of approximately $214 million, which would supply a further 30% of the current energy requirements of the facilities in Campana,
and reduce the CO<SUB>2</SUB> emissions by a further 102,500 tons per year. This investment is expected to be completed during 2025.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%">&nbsp;</TD>
  <TD STYLE="width: 20%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 47%">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 0pt 7.1pt; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">32</P>

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

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

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

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