<SEC-DOCUMENT>0001171843-24-000938.txt : 20240223
<SEC-HEADER>0001171843-24-000938.hdr.sgml : 20240223
<ACCEPTANCE-DATETIME>20240223130403
ACCESSION NUMBER:		0001171843-24-000938
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240223
DATE AS OF CHANGE:		20240223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENARIS SA
		CENTRAL INDEX KEY:			0001190723
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31518
		FILM NUMBER:		24669232

	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_022124fs.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>&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 February 21<SUP>st</SUP>, 2024</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 <U>&#8239;&#8239;&#8239;&check;&#8239;&#8239;</U> Form 40-F ___</P>

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt">The attached material is being furnished to the Securities and Exchange Commission pursuant
to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris S.A. Consolidated Financial
Statements for the years ended 2023, 2022 and 2021.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: February 21<SUP>st</SUP>, 2024</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/ Giovanni Sardagna&#9;</P>

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"></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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #009900; font-size: 10pt; margin: 0pt 0"><B>CONSOLIDATED INCOME STATEMENTS</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Notes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: justify">Net sales</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">1</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">14,868,860</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">11,762,526</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,521,207</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Cost of sales</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">2</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(8,668,915</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,087,739</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,611,602</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Gross profit</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">6,199,945</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4,674,787</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,909,605</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Selling, general and administrative expenses</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">3</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,919,307</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,634,575</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,206,569</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Impairment charge</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">5</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(76,725</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(57,075</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Other operating income</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">53,043</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">104,497</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">68,245</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Other operating expenses</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">6</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(17,273</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(104,709</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,697</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Operating income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,316,408</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,963,275</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">707,509</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance income</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">213,474</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">80,020</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">38,048</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance cost</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(106,862</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(45,940</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(23,677</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other financial results</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">7</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">114,365</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(40,120</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,295</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before equity in earnings of non-consolidated companies and income
        tax</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,537,385</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,957,235</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">730,175</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Equity in earnings of non-consolidated companies</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">8</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">95,404</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">208,702</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">512,591</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Income before income tax</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,632,789</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">3,165,937</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,242,766</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Income tax</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">9</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(674,956</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(617,236</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(189,448</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Income for the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,957,833</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,548,701</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,053,318</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Attributable to:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Shareholders' equity</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,918,065</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,553,280</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,100,191</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Non-controlling interests</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">39,768</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,579</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(46,873</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,957,833</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,548,701</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,053,318</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Earnings per share attributable to shareholders' equity during the year:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Weighted average number of outstanding ordinary shares (thousands)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,178,738</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,180,537</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,180,537</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Basic and diluted earnings per share (U.S. dollars per share)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3.32</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2.16</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0.93</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per ADS (U.S. dollars per ADS) <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">6.65</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4.33</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1.86</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements. <FONT STYLE="color: #009900"></FONT></P>

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

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

<!-- Field: Page; Sequence: 4; Options: NewSection -->
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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: #009900">&nbsp;<B><BR STYLE="clear: both"> </B></FONT></P>

<P STYLE="color: #009900; font-size: 10pt; margin: 0pt 0"><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; font-weight: bold; text-align: left">Income for the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,957,833</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">2,548,701</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,053,318</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Items that may be subsequently reclassified to profit or loss:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">38,937</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(23,710</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(81,953</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Reclassification of currency translation adjustment reserve <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(878</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(71,252</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Change in value of cash flow hedges and instruments at fair value
        <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(112,433</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,186</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,178</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax relating to components of other comprehensive income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(24,591</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,511</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">From participation in non-consolidated companies:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;- Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">110,801</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">7,336</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(11,085</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;- Changes in the value of cash flow hedges and instruments at fair
        value</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(47,963</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,435</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(36,127</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(91,377</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(95,714</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Items that will not be reclassified to profit or loss:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Remeasurements of post-employment benefit obligations</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(6,816</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">13,577</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">14,648</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax on items that will not be reclassified</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,204</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,673</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,137</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Remeasurements of post-employment benefit obligations of non-consolidated
        companies</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,083</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,588</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,829</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(8,695</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,492</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">13,340</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Other comprehensive (loss) for the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(44,822</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(76,885</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(82,374</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Total comprehensive income for the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,913,011</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,471,816</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">970,944</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Attributable to:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Shareholders' equity</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,873,213</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,476,373</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,016,434</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Non-controlling interests</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">39,798</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,557</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(45,490</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,913,011</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,471,816</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">970,944</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>During 2022 as a 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 <FONT STYLE="color: black">36</FONT> &ldquo;Termination of NKKTubes joint venture&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"><SUP>(**)</SUP> Mainly related to the change in the fair value of U.S.
dollar-denominated Argentine bonds. For more information see note <FONT STYLE="color: black">29</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">The accompanying notes are an integral part of these Consolidated Financial
Statements. <FONT STYLE="text-transform: uppercase"></FONT></P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="color: #009900; font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Consolidated STATEMENTS OF FINANCIAL
POSITION</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">At
        December 31, 2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">At December
        31, 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Notes</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="background-color: rgb(242,242,242); white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">ASSETS</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left; text-indent: 9pt">Property, plant and equipment, net</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">11</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">6,078,179</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,556,263</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Intangible assets, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">12</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,377,110</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,332,508</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Right-of-use assets, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">132,138</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">111,741</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Investments in non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">14</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,608,804</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,540,646</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">NC</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">20</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">405,631</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">119,902</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Deferred tax assets</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">22</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">789,615</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">208,870</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Receivables, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">15</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">185,959</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">10,577,436</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">211,720</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">9,081,650</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Inventories, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">16</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,921,097</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,986,929</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Receivables and prepayments, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">17</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">228,819</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">183,811</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Current tax assets</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">18</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">256,401</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">243,136</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Trade receivables, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">19</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,480,889</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,493,940</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">CA</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">26</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">9,801</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">30,805</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">C</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">20</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,969,631</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">438,448</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Cash and cash equivalents</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">20</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,637,821</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">10,504,459</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,091,527</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">8,468,596</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total assets</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">21,081,895</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">17,550,246</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EQUITY</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Shareholders' equity</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">16,842,972</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">13,905,709</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Non-controlling interests</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">187,465</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">128,728</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">17,030,437</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,034,437</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">LIABILITIES</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Borrowings</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">21</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">48,304</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">46,433</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Lease liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">96,598</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">83,616</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">26</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">255</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Deferred tax liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">22</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">631,605</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">269,069</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Other liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">23 (i)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">271,268</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">230,142</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: 9pt">Provisions</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">24</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">101,453</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,149,483</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">98,126</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">727,386</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Borrowings</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">21</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">535,133</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">682,329</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Lease liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">37,835</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">28,561</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">26</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">10,895</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">7,127</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Current tax liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">18</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">488,277</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">376,240</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Other liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">23 (ii)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">422,645</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">260,614</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Provisions</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">25 (ii)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">35,959</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">11,185</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Customer advances</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">263,664</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">242,910</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Trade payables</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,107,567</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,901,975</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,179,457</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">2,788,423</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,051,458</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,515,809</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity and liabilities</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">21,081,895</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">17,550,246</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Contingencies, commitments and restrictions on the distribution of profits
are disclosed in note <FONT STYLE="color: black">27</FONT> to these Consolidated Financial Statements.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 6 -->
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    <!-- Field: /Page -->

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

<P STYLE="color: #009900; font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Consolidated statementS of changes
in equity</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="29" STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>Shareholders'
        equity</B></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Share Capital <SUP>(1)</SUP></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Treasury Shares <SUP>(2)</SUP></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Legal Reserves</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Share Premium</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Currency Translation Adjustment</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Other Reserves <SUP>(3)</SUP></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Retained Earnings <SUP>(4)</SUP></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Total</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">
        <P STYLE="text-align: center; font-size: 8pt; margin-top: 0; margin-bottom: 0"><B>Non-</B></P>
        <P STYLE="text-align: center; font-size: 8pt; margin-top: 0; margin-bottom: 0"><B>controlling interests</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Total </B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; width: 50%; font-weight: bold; text-align: left">Balance at December 31, 2022</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">1,180,537</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">118,054</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">609,733</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,138,681</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">(325,572</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">13,461,638</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">13,905,709</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">128,728</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 2%; font-weight: bold; text-align: right; background-color: #F2F2F2">14,034,437</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; width: 1%; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; font-weight: bold; text-align: left; background-color: white">Income for the year</TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,918,065</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,918,065</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">39,768</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,957,833</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Currency translation adjustment</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">38,587</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">38,587</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">350</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">38,937</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Reclassification of currency translation adjustment reserve</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">(878</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(878</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(878</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Remeasurements of post-employment benefit obligations, net of taxes</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">(3,096</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">(1,196</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(4,292</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">(320</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(4,612</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Change in value of instruments at fair value through other comprehensive
        income and cash flow hedges, net of taxes <SUP>(5)</SUP></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">(137,024</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(137,024</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(137,024</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">From other comprehensive income of non-consolidated companies</TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">110,801</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">(52,046</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">58,755</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">58,755</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; font-weight: bold; text-align: left; background-color: white">Other comprehensive (loss) income
        for the year</TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">148,510</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(192,166</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,196</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(44,852</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">30</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(44,822</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">Total comprehensive income (loss) for the year</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">148,510</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(192,166</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,916,869</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,873,213</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">39,798</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,913,011</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-indent: 8pt">Repurchase of own shares <SUP>(2)</SUP></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">(213,739</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(213,739</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(213,739</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Shares to be settled under buyback program <SUP>(6)</SUP></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">(86,240</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(86,240</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(86,240</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Acquisition and other changes in non-controlling interests <SUP>(7)</SUP></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">540</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">540</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: #F2F2F2">37,906</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">38,446</TD>
    <TD STYLE="font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; text-align: left; text-indent: 8pt">Dividends paid in cash</TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">(636,511</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(636,511</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: #F2F2F2">(18,967</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(655,478</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; font-weight: bold; text-align: left">Balance at December 31, 2023</TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,180,537</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(213,739</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">118,054</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">609,733</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(990,171</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(603,978</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">16,742,536</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">16,842,972</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">187,465</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,241); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: #F2F2F2">17,030,437</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; white-space: nowrap; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt">&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 $1.00 per share. As of December 31, 2023 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; text-indent: 1.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(2)</SUP> As of December 31, 2023, the Company held <FONT STYLE="color: black">12,648,091</FONT>
shares as treasury shares. For more information see note <FONT STYLE="color: black">37</FONT>.</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"><SUP>(3)</SUP> Other reserves include mainly the result of transactions
with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the
changes in value of cash flow hedges and the changes in financial instruments measured at fair value through other comprehensive income.</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 0pt 0pt; font-size: 10pt; text-align: justify; text-indent: 0pt"><SUP>(4)</SUP> The restrictions on the distribution
of profits and payment of dividends according to Luxembourg Law are disclosed in note <FONT STYLE="color: black">27</FONT> (iii) to these
Consolidated Financial Statements.</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 0pt 0pt; font-size: 10pt; text-align: justify; text-indent: 0pt"><SUP>(5)</SUP> Mainly related to the change in
the fair value of U.S. dollar-denominated Argentine bonds. For more information see note <FONT STYLE="color: black">29</FONT>.</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"><SUP>(6) </SUP>For more information see note <FONT STYLE="color: black">37</FONT>.</P>

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

<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify; text-indent: -28.35pt"><SUP>(7) </SUP>Mainly related to Global
Pipe Company (&ldquo;GPC&rdquo;) acquisition. For more information see note <FONT STYLE="color: black">34</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">The accompanying notes are an integral part of these Consolidated Financial Statements.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Shareholders'
        equity</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Share Capital <SUP>(1)</SUP></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Legal Reserves</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Share Premium</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Currency Translation Adjustment</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Other Reserves <SUP>(2)</SUP></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Retained Earnings</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">
        <P STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">
        <P STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 0">Non-</P>
        <P STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 0">controlling interests</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="width: 46%; font-size: 8pt; font-weight: bold; text-align: left">Balance at December 31, 2021</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">1,180,537</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">118,054</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">609,733</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(1,051,133</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(336,200</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">11,439,587</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">11,960,578</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">145,124</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">12,105,702</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">Income (loss) for the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">2,553,280</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">2,553,280</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(4,579</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">2,548,701</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: 8pt">Currency translation adjustment</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(23,632</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(23,632</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(78</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(23,710</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Reclassification of currency translation adjustment reserve <SUP>(3)</SUP></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(71,252</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(71,252</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(71,252</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Remeasurements of post-employment benefit obligations, net of taxes</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">10,519</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">13</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">10,532</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">372</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">10,904</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Change in value of instruments at fair value through other comprehensive
        income and cash flow hedges, net of taxes</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(4,914</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(4,914</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(272</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(5,186</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">From other comprehensive income of non-consolidated companies</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">7,336</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">5,023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">12,359</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">12,359</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">Other comprehensive (loss) income for the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(87,548</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">10,628</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">13</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(76,907</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">22</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(76,885</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Total comprehensive income (loss) for the year</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(87,548</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">10,628</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">2,553,293</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">2,476,373</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(4,557</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">2,471,816</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Acquisition and other changes in non-controlling interests</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(1,407</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(1,407</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left; text-indent: 8pt">Dividends paid in cash</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">(531,242</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(531,242</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">(10,432</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(541,674</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">Balance at December 31, 2022</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">1,180,537</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">118,054</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">609,733</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(1,138,681</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(325,572</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">13,461,638</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">13,905,709</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">128,728</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">14,034,437</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Shareholders'
        equity</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Share Capital <SUP>(1)</SUP></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Legal Reserves</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Share Premium</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Currency Translation Adjustment</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><B>Other Reserves <SUP>(2)</SUP></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Retained Earnings</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">
        <P STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">
        <P STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 0">Non-</P>
        <P STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 0">controlling interests</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="width: 46%; font-size: 8pt; font-weight: bold; text-align: left">Balance at December 31, 2020</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">1,180,537</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">118,054</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">609,733</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(958,374</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(345,217</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">10,658,155</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">11,262,888</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">183,585</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">11,446,473</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">Income (loss) for the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,100,191</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,100,191</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(46,873</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,053,318</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: 8pt">Currency translation adjustment</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(81,674</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(81,674</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(279</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(81,953</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Remeasurements of post-employment benefit obligations, net of taxes</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">9,813</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(15</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">9,798</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(287</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">9,511</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Change in value of instruments at fair value through other comprehensive
        income and cash flow hedges, net of taxes</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">(4,638</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(4,638</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">1,949</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(2,689</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">From other comprehensive income of non-consolidated companies</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">(11,085</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">3,842</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(7,243</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(7,243</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">Other comprehensive (loss) income for the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(92,759</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">9,017</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(15</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(83,757</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,383</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(82,374</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Total comprehensive income (loss) for the year</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(92,759</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">9,017</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">1,100,176</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">1,016,434</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">(45,490</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">970,944</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 8.7pt">Acquisition and other changes in non-controlling interests <SUP>(4)</SUP></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; background-color: white">10,384</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: right; background-color: white">10,384</TD>
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left; text-indent: 8pt">Dividends paid in cash</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">(318,744</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(318,744</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right; background-color: white">(3,355</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(322,099</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">Balance at December 31, 2021</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">1,180,537</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">118,054</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">609,733</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(1,051,133</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">(336,200</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">11,439,587</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">11,960,578</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">145,124</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right; background-color: white">12,105,702</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP></SUP></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 $1.00 per share. As of December 31, 2022 and 2021 there were 1,180,536,830 shares
issued. All issued shares are fully paid.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(2)</SUP> Other reserves include mainly the result of transactions
with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the
changes in value of cash flow hedges and the changes 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> Related to NKKTubes&rsquo; cease of operations. For more
information see note <FONT STYLE="color: black">36</FONT> &ldquo;Termination of NKKTubes joint venture&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"><SUP>(4)</SUP> Mainly related to the agreement for the construction of
Tenaris Baogang Baotou Steel Pipes Ltd.</P>

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

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

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

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

<!-- Field: Page; Sequence: 8 -->
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    <!-- Field: /Page -->

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

<P STYLE="color: #009900; font-size: 10pt; margin: 0pt 0"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Notes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from operating activities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; font-weight: bold; text-align: justify">Income for the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,957,833</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">2,548,701</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,053,318</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Adjustments for:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">11, 12 &amp; 13</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">548,510</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">607,723</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">594,721</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Impairment charge</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">5</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">76,725</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">57,075</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Income tax accruals less payments</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">30(ii)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(143,391</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">257,651</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">35,602</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Equity in earnings of non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">8</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(95,404</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(208,702</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(512,591</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Interest accruals less payments, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">30(iii)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(53,480</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,480</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(11,363</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in provisions</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">24 &amp; 25(ii)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">21,284</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">16,433</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">7,381</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Reclassification of currency translation adjustment reserve <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6 &amp; 36</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(878</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(71,252</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Result of sale of subsidiaries</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(6,768</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes in working capital <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">30(i)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">182,428</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,131,245</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,071,464</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Others, including net exchange differences</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(21,829</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">69,703</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(26,836</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Net cash provided by operating activities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,395,073</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,167,217</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">119,075</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from investing activities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Capital expenditures</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">11 &amp; 12</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(619,445</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(378,446</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(239,518</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in advance to suppliers of property, plant and equipment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,736</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(18,901</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,075</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Proceeds from sale of subsidiaries, net of cash</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">24,332</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Acquisition of subsidiaries, net of cash acquired <SUP>(***)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">34</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(265,657</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(4,082</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Investment in companies under cost method</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,126</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(692</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Additions to associated companies</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">14 (b)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(22,661</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Loan to joint-ventures</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">14 (c)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,754</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from disposal of property, plant and equipment and intangible assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">12,881</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">48,458</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">22,735</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends received from non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">8</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">68,781</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">66,162</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">75,929</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Changes in investments in securities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,857,272</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">123,254</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">390,186</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Net cash (used in) provided by investing activities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(2,686,517</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(163,555</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">267,897</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from financing activities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Dividends paid</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">10</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(636,511</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(531,242</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(318,744</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid to non-controlling interest in subsidiaries</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(18,967</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(10,432</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(3,355</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Changes in non-controlling interests</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,772</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,407</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Acquisition of treasury shares</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">37</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(213,739</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Payments of lease liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(51,492</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(52,396</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(48,473</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from borrowings</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,723,677</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,511,503</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">843,668</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">Repayments of borrowings</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,931,747</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,094,370</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,121,053</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Net cash used in financing activities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,125,007</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(178,344</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(647,957</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Increase (decrease) in cash and cash equivalents</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">583,549</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">825,318</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(260,985</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Movement in cash and cash equivalents</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">At the beginning of the year</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,091,433</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">318,067</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">584,583</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Effect of exchange rate changes</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(58,385</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(51,952</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,531</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Increase (decrease) in cash and cash equivalents</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">583,549</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">825,318</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(260,985</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">At December 31,</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,616,597</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,091,433</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">318,067</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>At
        December 31,</B></FONT></TD>
    <TD STYLE="font-size: 10pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify; width: 48%">Cash and cash equivalents</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 10%">2023</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; width: 10%">2022</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; width: 10%">2021</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Cash and bank deposits</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">20</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,637,821</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,091,527</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">318,127</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Bank overdrafts</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">21</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(21,224</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(94</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(60</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,616,597</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,091,433</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">318,067</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>For 2022, related to NKKTubes&rsquo; cease of operations.
For more information see note <FONT STYLE="color: black">36</FONT> &ldquo;Termination of NKKTubes joint venture&rdquo;.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>&nbsp;</SUP></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">(16.7)</FONT> million for 2023, $<FONT STYLE="color: black">4.2</FONT> million for 2022 and $<FONT STYLE="color: black">25.6</FONT>
million for 2021.</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 2023, related to the GPC, Isoplus anticorrosion coating
division, Republic Tube LLC&rsquo;s OCTG pipe processing facility and Mattr&rsquo;s pipe coating business unit acquisitions. For more
information see note <FONT STYLE="color: black">34</FONT>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For 2022, 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">The accompanying notes are an integral part of these Consolidated Financial
Statements.</P>

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

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

<!-- Field: Page; Sequence: 9 -->
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    <!-- Field: /Page -->

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

<P STYLE="color: #009900; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in; margin: 0pt 0">Index
TO the notes to the consolidated financial statements</P>

<P STYLE="color: #009900; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 3%"><FONT STYLE="font-size: 10pt; color: #CC0066"><B>I</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 45%"><FONT STYLE="font-size: 10pt; color: #CC0066"><B>GENERAL INFORMATION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%"><FONT STYLE="font-size: 10pt; color: #CC0066"><B>IV</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 48%"><FONT STYLE="font-size: 10pt; color: #CC0066"><B>OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Segment information</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #CC0066"><B>II</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #CC0066"><B>ACCOUNTING POLICIES</B></FONT></TD>
    <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">Cost of sales</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">A</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Basis of presentation</FONT></TD>
    <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">Selling, general and administrative expenses</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">B</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Group accounting</FONT></TD>
    <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">Labor costs (included in Cost of sales
        and in Selling, general and administrative expenses)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">C</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Segment information</FONT></TD>
    <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">Impairment charge</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">D</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Foreign currency translation</FONT></TD>
    <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 and expenses</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">E</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Property, plant and equipment</FONT></TD>
    <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>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">F</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Intangible assets</FONT></TD>
    <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 earnings of non-consolidated
        companies</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">G</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Right-of-use assets and lease liabilities</FONT></TD>
    <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">Income tax</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">H</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Impairment of non-financial assets</FONT></TD>
    <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">Dividends distribution</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">I</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Other investments</FONT></TD>
    <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">Property, plant and equipment, net</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">J</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Inventories</FONT></TD>
    <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">Intangible assets, net</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">K</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Trade and other receivables</FONT></TD>
    <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">Right-of-use assets, net and lease liabilities</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">L</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">14</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Investments in non-consolidated companies</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">M</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Equity</FONT></TD>
    <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">Receivables non-current</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">N</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Borrowings</FONT></TD>
    <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">Inventories, net</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">O</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Current and deferred income tax</FONT></TD>
    <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">Receivables and prepayments, net</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">P</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Employee benefits</FONT></TD>
    <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">Current tax assets and liabilities</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Q</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Provisions </FONT></TD>
    <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">Trade receivables, net</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">R</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Trade and other payables</FONT></TD>
    <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">Cash and cash equivalents and other investments</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">S</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Revenue recognition</FONT></TD>
    <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">Borrowings</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">T</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cost of sales and other selling expenses</FONT></TD>
    <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">Deferred tax assets and liabilities</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">U</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Earnings per share</FONT></TD>
    <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">Other liabilities</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">V</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Financial instruments</FONT></TD>
    <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">Non-current allowances and provisions</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <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">Current allowances and provisions</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #CC0066"><B>III</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #CC0066"><B>FINANCIAL RISK MANAGEMENT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">26</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Derivative financial instruments</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">27</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Contingencies, commitments and restrictions
        on the distribution of profits</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">A</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Financial risk factors</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">28</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>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">B</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>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">29</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>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">C</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Fair value estimation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">30</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cash flow disclosures</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">D</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Accounting for derivative financial instruments
        and hedging activities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">31</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Related party transactions</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">32</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Principal accountant&nbsp;fees</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">33</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Principal subsidiaries</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">34</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Business combinations</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">35</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>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">36</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>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">37</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Share buyback program</FONT></TD></TR>
  <TR>
    <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; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">38</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Climate change</FONT></TD></TR>
  <TR>
    <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; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">39</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-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-weight: normal; text-transform: none"></FONT></P>

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

<P STYLE="color: #CC0066; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>I. GENERAL INFORMATION</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">Tenaris S.A. (the &ldquo;Company&rdquo;) 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 Financial Statements to &ldquo;Tenaris&rdquo; refer to the Company and its consolidated subsidiaries.
A list of the principal Company&rsquo;s subsidiaries is included in note <FONT STYLE="color: black">33</FONT> to these Consolidated Financial
Statements.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company&rsquo;s shares trade on the Italian Stock Exchange and the
Mexican Stock Exchange; and the Company&rsquo;s 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 Financial Statements were approved for issuance by the
Company&rsquo;s Board of Directors on February 21, 2024.</P>

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

<P STYLE="color: #CC0066; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>II. ACCOUNTING POLICIES </B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The accounting policies applied in the preparation of these Consolidated
Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>A</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>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">The Consolidated Financial Statements of Tenaris have been prepared in
accordance with International Financial Reporting Standards (&ldquo;IFRS&quot; or &quot;IFRS Accounting Standards&rdquo;), as issued by
the International Accounting Standards Board (&ldquo;IASB&rdquo;) and in accordance with IFRS as adopted by the European Union, under
the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative instruments)
and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars
(&ldquo;$&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">Whenever necessary, certain comparative amounts have been reclassified
to conform to changes in presentation in the current year.</P>

<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 Financial Statements in conformity with
IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of
assets, liabilities, contingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas involving
material estimates or judgements are: impairment of goodwill and long-lived assets (notes II.H), impairment in investments in associates
(note II.B); income taxes including recoverability of deferred tax assets (note II.O); obsolescence of inventory (note II.J); contingencies
(note II.Q); allowance for trade receivables (note II.K); post-employment and other long-term benefits (note II.P); business combinations
(notes II.B); useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.H) and property title ownership
restriction (note IV.<FONT STYLE="color: black">28</FONT>). During the year there were no significant changes in the material accounting
estimates and judgements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B><I>(1)</I></B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B><I>Accounting pronouncements applicable as from January 1, 2023</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"><I>Amendments to IAS 12 - International Tax Reform - Pillar Two Model Rules</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">In December 2021, the Organization for Economic Co-operation and Development
(&ldquo;OECD&rdquo;) released the Pillar Two model rules (the Global Anti-Base Erosion rules, or &ldquo;GloBE&rdquo;) to reform international
corporate taxation. Following Pillar Two OECD&rsquo;s initiative, the European Union adopted in December 2022 a directive to impose a
global minimum taxation for multinational companies in the Union, to be effective as from 2024.</P>

<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 May 2023, the IASB made narrow-scope amendments to IAS 12 setting an
exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted
tax laws that implement the Pillar Two model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described
in those rules.</P>

<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 20, 2023, the Luxembourg Parliament approved the Pillar Two
law transposing the EU Pillar Two Directive into domestic legislation. The law enters into force as from fiscal years starting on or after
31 December 2023.<BR STYLE="clear: both"> </P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company is within the scope of the rules, and therefore will be required
to calculate its GloBE effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference
between its GloBE effective tax rate per jurisdiction and the 15% minimum rate, as from 2024. For more information see note 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"></P>

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Other accounting pronouncements that became effective during 2023 have
no material effect on the Company&rsquo;s financial condition or results of operations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B><I>(2)</I></B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B><I>New accounting pronouncements not applicable as of December 31, 2023</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">Certain newly published accounting standards, amendments to accounting
standards and interpretations are not mandatory for December 31, 2023 reporting periods and have not been early adopted by the Company.
These standards, amendments or interpretations are not expected to have a material impact in the current or future reporting periods and
on foreseeable future transactions.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>B</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Group accounting</B></TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(1)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Subsidiaries and transactions with non-controlling interests</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">Subsidiaries are all entities over which Tenaris has control. Tenaris controls
an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. In some cases, the Company considers that it has the ability to affect returns through
its power over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able to prevail
at all of the subsidiary&rsquo;s general meetings, which in turn allows Tenaris to nominate and appoint a majority of the subsidiary&rsquo;s
board of directors. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated
from the date control ceases.</P>

<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 acquisition method is used to account for the acquisition of subsidiaries
by Tenaris. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities
incurred or assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities
and contingent liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition
date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&rsquo;s proportionate
share of the acquiree&rsquo;s net identifiable assets. The excess of the aggregate of the consideration transferred and the amount of
any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this
is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly 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">Contingent consideration is classified either as equity or as a financial
liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized
in profit or loss.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If the business combination is achieved in stages, the acquisition date
carrying value of the acquirer&rsquo;s previously held equity interest in the acquiree is remeasured to fair value at the acquisition
date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Transactions with non-controlling interests that do not result in a loss
of control are accounted as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference
between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also recorded in equity.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">When the Company ceases to have control or significant influence, any retained
interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value
is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or
financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted
for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other
comprehensive income are reclassified to profit or loss.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B><I>(2)</I></B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B><I>Non-consolidated companies</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">Non-consolidated companies are all entities in which Tenaris has significant
influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated
companies (associates and joint ventures) are accounted for by the equity method and are initially recognized at cost (as defined by IAS
28, &ldquo;Investments in Associates and Joint Ventures&rdquo;). The Company&rsquo;s investment in non-consolidated companies includes
goodwill identified in acquisition, net of any accumulated impairment loss.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Under the equity method, the investments are initially recognized at cost
and adjusted thereafter to recognize Tenaris&rsquo;s share of the post-acquisition profits or losses of the investee in profit or loss,
and Tenaris&rsquo;s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received
or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal">If material, unrealized
results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris&rsquo;s interest in
the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator
of the asset transferred. Financial statements of non-consolidated companies are adjusted where necessary to ensure consistency with IFRS.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal">The Company&rsquo;s
pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under </FONT>Equity in earnings
of non-consolidated companies<FONT STYLE="font-style: normal">. The Company&rsquo;s pro-rata share of changes in other comprehensive income
is recognized in the Consolidated Statement of Comprehensive Income.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in">a)</TD>
    <TD STYLE="text-align: justify">Ternium</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0 0pt 0pt; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal">At December
31, 2023, Tenaris held 11.46% in the share capital of Ternium S.A. (&ldquo;Ternium&rdquo;). The following factors and circumstances evidence
that Tenaris has significant influence over Ternium:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7.1pt"></TD>
    <TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">both the Company and Ternium are under the indirect common control of San Faustin S.A. (&ldquo;San Faustin&rdquo;);</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7.1pt"></TD>
    <TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">four out of nine members of Ternium&rsquo;s board of directors (including Ternium&rsquo;s chairman) are also
        members of the Company&rsquo;s board of directors;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7.1pt"></TD>
    <TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">under the shareholders&rsquo; agreement by and between the Company and Techint Holdings S.&agrave;r.l (&quot;Techint&quot;),
        a wholly owned subsidiary of San Faustin and Ternium&rsquo;s main shareholder, dated January 9, 2006 Techint, is required to take actions
        within its power to cause (a) one of the members of Ternium&rsquo;s board of directors to be nominated by the Company and (b) any director
        nominated by the Company to be removed from Ternium&rsquo;s board of directors only pursuant to previous written instructions of the Company.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><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"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 0 0pt 0pt; font-size: 10pt; text-align: justify">At December 31, 2023, Tenaris held, through its Brazilian subsidiary
Confab Industrial S.A. (&ldquo;Confab&rdquo;), 47.5 million ordinary shares and 1.3 million preferred shares of Usinas Sider&uacute;rgicas
de Minas Gerais S.A. - Usiminas (&ldquo;Usiminas&rdquo;), representing 6.76% of its shares with voting rights and 3.96% of its total share
capital.</P>

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

<P STYLE="margin: 0pt 0 0pt 0pt; font-size: 10pt; text-align: justify">Confab&rsquo;s participation in Usiminas share capital is the result
of a series of acquisitions, the first of which was performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries)
and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&rsquo; existing control group. Subsequently, in 2016,
Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</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"></P>

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0 0pt 0pt; font-size: 10pt; text-align: justify">More recently, on March 30, 2023, Confab, together with Ternium
(through its subsidiaries Ternium Investments and Ternium Argentina), agreed to acquire an additional 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 approximately 11 million ordinary shares, increasing its participation
in the Usiminas control group to 9.8%.</P>

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

<P STYLE="margin: 0pt 0 0pt 0pt; font-size: 10pt; text-align: justify">The Usiminas control group comprises the T/T Group, formed by Ternium
Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas&rsquo;
employee pension fund, Previd&ecirc;ncia Usiminas. At December 31, 2023, the Usiminas control group held, in the aggregate, 483.6 million
ordinary shares, representing approximately 68.6% of Usiminas&rsquo; voting capital and the T/T Group held an aggregate participation
of 61.3% in the control group (with 51.5% of the control group&rsquo;s participation corresponding to Ternium&rsquo;s subsidiaries, and
remaining 9.8% corresponding to Confab); the NSC Group and Previd&ecirc;ncia Usiminas held 31.7% and 7%, respectively, in the control
group.</P>

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

<P STYLE="margin: 0pt 0 0pt 0pt; font-size: 10pt; text-align: justify">Upon closing of the July 3, 2023 acquisition, the then existing
Usiminas shareholders agreement governing the relationship between the T/T Group, the NSC Group and Previd&ecirc;ncia Usiminas was replaced
by a new shareholders agreement setting forth a new governance structure for Usiminas. The T/T Group is now 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 0pt 0pt; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0 0pt 0pt; font-size: 10pt; text-align: justify">Confab and the Ternium entities party to the Usiminas shareholders
agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. Under
such separate agreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others, the ability
to nominate certain Usiminas&rsquo; officers and directors. Those circumstances evidence that Tenaris continues having significant influence
over Usiminas and, as a result, continues accounting for its investment under the equity method.</P>

<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: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><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 0pt 0pt; font-size: 10pt; text-align: justify">Techgen S.A. de C.V. (&ldquo;Techgen&rdquo;), which operates an
electric power plant in Mexico, is a joint venture company owned 48% by Ternium, 30% by Tecpetrol International S.A. (&ldquo;Tecpetrol&rdquo;)
and 22% by Tenaris. The Company, Ternium and Tecpetrol are parties to a shareholders&rsquo; agreement relating to the governance of Techgen
and are under the indirect common control of San Faustin. Based on the facts stated above, the Company has determined that it has significant
influence over this entity.</P>

<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: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><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 0pt 0pt; 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 Saudi
Steel Pipe Company (&quot;SSPC&quot;) owned 35% of the share capital of GPC and, accordingly was a non-consolidated company.</P>

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

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

<P STYLE="margin: 0pt 0 0pt 0pt; font-size: 10pt; text-align: justify">For more information on GPC's acquisition and its accounting treatment
see note <FONT STYLE="color: black">34</FONT> &ldquo;Business Combinations - <I>Global Pipe Company acquisition</I>&rdquo;.</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"></P>

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris carries its investments in non-consolidated companies under the
equity method, with no additional goodwill or intangible assets recognized. Tenaris reviews investments in non-consolidated companies
for impairment whenever events or changes in circumstances indicate that the asset&rsquo;s carrying amount may not be recoverable. For
more information see note <FONT STYLE="color: black">14</FONT> to these Consolidated Financial Statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>C</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Segment 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">The Company is organized in one major business segment, Tubes, which is
also the reportable operating segment. All other business activities and operating segments that are not required to be separately reported
are disclosed in the Other 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">The Tubes segment includes the production and sale of both seamless and
welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (&ldquo;OCTG&rdquo;)
used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel
into tubular products. Business activities included in this segment are mainly dependent on the worldwide oil and gas industry, as this
industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from
the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled,
completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being
done through a centrally managed global distribution network and domestic sales are made through local subsidiaries.</P>

<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 Other segment includes all business activities related to the production
and selling of sucker rods, coiled tubing, tubes used for plumbing and construction applications, oilfield / hydraulic fracturing services,
the recently acquired coating business and others as energy and raw materials that exceed internal requirements.</P>

<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 Chief Operating Decision Maker (&ldquo;CODM&rdquo;) reviews
operating and financial performance information with senior management on a monthly basis. This information differs from IFRS principally
as follows:</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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">the use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including
        absorption of production overheads and depreciation;</TD></TR>
  </TABLE>

<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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">the use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated
        at historical cost, mainly on a FIFO basis;</TD></TR>
  </TABLE>

<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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">any currency translation adjustment reclassification, when applicable, for companies that under IFRS had a
        different functional currency than the U.S. dollar; <I>and</I></TD></TR>
  </TABLE>

<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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">other timing differences, if any.</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 presents its geographical information in four areas: North America,
South America, Europe and Asia Pacific, Middle East and Africa. For purposes of reporting geographical information, net sales are allocated
to geographical areas based on the customer&rsquo;s location; allocation of assets, capital expenditures and associated depreciations
and amortizations are based on the geographical location of the assets.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">D</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Foreign currency translation</TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(1)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Functional and presentation currency</B></TD> </TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 0.75in; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">IAS 21 (revised), &ldquo;The effects of changes in foreign exchange rates&rdquo;
defines the functional currency as the currency of the primary economic environment in which an entity operates.</P>

<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 functional and presentation currency of the Company is the U.S. dollar.
The U.S. dollar is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Tenaris&rsquo;s
global operations.</P>

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

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

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

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    <!-- Field: /Page -->

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Except for the Italian subsidiaries whose functional currency is the Euro
and two recently acquired subsidiaries whose functional currencies are the Canadian Dollar and the Norwegian Krone, Tenaris determined
that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:</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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">sales are mainly negotiated, denominated and / or settled in U.S. dollars. If priced in a currency other than
        the U.S. dollar, the sales price may consider exposure to fluctuation in the exchange rate against the U.S. dollar;</TD></TR>
  </TABLE>

<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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">prices of their critical raw materials and inputs are priced and / or settled in U.S. dollars;</TD></TR>
  </TABLE>

<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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference
        currency;</TD></TR>
  </TABLE>

<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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">there is a significant level of integration of the local operations within Tenaris&rsquo;s international global
        distribution network;</TD></TR>
  </TABLE>

<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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">net financial assets and liabilities are mainly received and maintained in U.S. dollars; <I>and</I></TD></TR>
  </TABLE>

<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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">the exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(2)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Transactions in currencies other than the functional currency</B></TD> </TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">Transactions in currencies other than
the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions
or valuation where items are re-measured.</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">At the end of each reporting period:
(i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary
items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange
rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than
the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined.</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"><FONT STYLE="font-weight: normal">Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated
in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in <I>Other financial
results</I> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment
hedges.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(3)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Translation of financial information in currencies other than the functional currency</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">Results of operations for subsidiaries whose functional currencies are
not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions
are translated at the period-end exchange rates. Translation differences are recognized in a separate component of equity as currency
translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would
be recognized in the Consolidated Income Statement as a gain or loss from the sale or disposal following IAS 21.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Goodwill and fair value adjustments arising from the acquisition of a foreign
operation are treated as assets and liabilities of the foreign operation and translated at the closing exchange rate.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>E</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Property, plant and equipment</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">Property, plant and equipment are recognized at historical acquisition
or construction cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable
to the acquisition of the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations have
been valued initially at the fair market value of the assets acquired.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Major overhaul and rebuilding expenditures are capitalized as property,
plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Company and the investment
enhances the condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Maintenance
expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Cost may also include transfers from equity of any gains or losses on qualifying
cash flow hedges of foreign currency purchases of property, plant and equipment.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Borrowing costs that are attributable to the acquisition or construction
of certain capital assets are capitalized as part of the cost of the asset, in accordance with IAS 23 (revised), &ldquo;Borrowing Costs&rdquo;.
Assets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</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 depreciation method is reviewed at each year end. Depreciation is calculated
using the straight-line method to depreciate the cost of each asset to its residual value over its estimated useful life, 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="vertical-align: top; width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 56%; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Land</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">No Depreciation</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Buildings and improvements&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">30-50 years</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Plant and production equipment&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">10-40 years</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Vehicles, furniture and fixtures,
        and other equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">4-10 years</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 assets&rsquo; residual values and useful lives of significant plant
and production equipment are reviewed and adjusted, if appropriate, at each year-end date. An asset&rsquo;s carrying amount is written
down immediately to its recoverable amount if the asset&rsquo;s carrying amount is greater than its estimated recoverable amount.</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">Management&rsquo;s re-estimation of assets useful lives, performed in accordance
with IAS 16, &ldquo;Property, Plant and Equipment&rdquo;, resulted in additional depreciation expenses of approximately $<FONT STYLE="color: black">39</FONT>
million for 2022, and did not materially affect depreciation expenses for 2023 and 2021.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris depreciates each significant part of an item of property, plant
and equipment for its different production facilities that (i) can be properly identified as an independent component with a cost that
is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant
part of that same item of property, plant and equipment.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Gains and losses on disposals are determined by comparing the proceeds
with the carrying amount of assets and are recognized under <I>Other operating income </I>or <I>Other operating expenses</I> in the Consolidated
Income Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>F</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Intangible assets</B></TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(1)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Goodwill</B></TD> </TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal">Goodwill represents
the excess of the acquisition cost over the fair value of Tenaris&rsquo;s share of net identifiable assets acquired as part of business
combinations determined mainly by independent valuations. Goodwill is tested at least annually for impairment and carried at cost less
accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included in the Consolidated Statement of Financial
Position under </FONT>Intangible assets, net.</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 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">For the
purpose of impairment testing, goodwill is allocated to a cash generating unit (&ldquo;CGU&rdquo;) or group of CGUs that</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">are expected
to benefit from the business combination which generated the goodwill being tested. </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B><I>(2)</I></B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B><I>Information systems projects</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">Costs associated with maintaining computer software programs are generally
recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information
systems are recognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply with the
recognition criteria of IAS 38, &ldquo;Intangible Assets&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">Information systems projects recognized as assets are amortized using the
straight-line method over their useful lives, generally not exceeding a period of 3 years. Amortization charges are mainly classified
as <I>Selling, general and administrative expenses</I> in the Consolidated Income Statement. <B><BR STYLE="clear: both"> </B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Management&rsquo;s re-estimation of assets useful lives, performed in accordance
with IAS 38, did not materially affect amortization expenses for 2023, 2022 and 2021.</P>

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

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

<!-- Field: Page; Sequence: 17 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(3)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Licenses, patents, trademarks and proprietary technology</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">Licenses, patents, trademarks, and proprietary technology are initially
recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful
life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost
over their estimated useful lives, which are in the range between 3 and 20 years. Amortization charges are mainly classified as <I>Cost
of sales</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 balance of acquired trademarks that have indefinite useful lives according
to external appraisal amounts to $<FONT STYLE="color: black">86.7</FONT> million at December 31, 2023, 2022 and 2021, and are included
in Hydril CGU. Main factors considered in the determination of the indefinite useful lives include the years that they have been in service
and their recognition among customers in the industry.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Management&rsquo;s re-estimation of assets useful lives, performed in accordance
with IAS 38, did not materially affect amortization expenses for 2023, 2022 and 2021.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(4)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Research and development</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="letter-spacing: -0.1pt">Research expenditures as well as </FONT>development
costs that do not fulfill the criteria for capitalization are recorded as <I>Cost of sales</I> in the Consolidated Income Statement as
incurred. Research and development expenditures included in <I>Cost of sales</I> for the years 2023, 2022 and 2021 totaled $<FONT STYLE="color: black">60.0</FONT>
million, $<FONT STYLE="color: black">50.7</FONT> million and $<FONT STYLE="color: black">45.3</FONT> million, 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">Capitalized costs were not material for the years 2023, 2022 and 2021.</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: left; text-indent: -0.5in"><FONT STYLE="letter-spacing: -0.1pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt"><B>(5)</B></FONT></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>Customer relationships</B></FONT></TD> </TR>
  </TABLE>

<P STYLE="margin: 0pt 0.85pt 0pt 13.9pt; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">In accordance with IFRS
3, &quot;Business Combinations&quot; and IAS 38, Tenaris has recognized the value of customer relationships separately from goodwill attributable
to the acquisition of Maverick Tube Corporation (&ldquo;Maverick&rdquo;) and Hydril Company (&ldquo;Hydril&rdquo;) groups, SSPC, Ipsco
Tubulars Inc. (&ldquo;IPSCO&rdquo;) and the more recent acquisition of Mattr&rsquo;s pipe coating business unit.</FONT></P>

<P STYLE="margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Customer relationships acquired
in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less
accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful lives which were
approximately 14 years for Maverick, 10 years for Hydril, 9 years for SSPC, 3 years for IPSCO, and 4 months for Mattr&rsquo;s pipe coating
business unit.</FONT></P>

<P STYLE="margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">In 2022, the Company
reviewed the useful life of SSPC&rsquo;s customer relationships and decided to reduce it from 5 years to 3 years, consequently a higher
amortization charge of approximately $</FONT><FONT STYLE="color: black">4.1</FONT> <FONT STYLE="letter-spacing: -0.1pt">million was recorded
in the Consolidated Income Statement under <I>Selling, general and administrative expenses</I> for the year ended December 31, 2022.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Management&rsquo;s re-estimation of assets useful lives, performed in accordance
with IAS 38, did not affect amortization expenses for 2023 and 2021.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">As of December 31, 2023 the net book
value of SSPC&rsquo;s customer relationship amounted to $</FONT><FONT STYLE="color: black">26.4</FONT> <FONT STYLE="letter-spacing: -0.1pt">million,
with a residual useful life of 1 year and 9 months, Mattr&rsquo;s amounted to $</FONT><FONT STYLE="color: black">21.5</FONT><FONT STYLE="letter-spacing: -0.1pt">,
with a residual useful life of 3 months, while IPSCO&rsquo;s, Maverick&rsquo;s and Hydril&rsquo;s customer relationships were fully amortized.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">G</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Right-of-use assets and lease liabilities</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"><FONT STYLE="color: windowtext">Leases are recognized as a right-of-use
asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated
between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease
term on a straight-line basis.</FONT></P>

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

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

<!-- Field: Page; Sequence: 18 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Lease liabilities include the net present value of i) fixed payments, less
any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable
by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise
that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.</P>

<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 lease payments are discounted using the interest rate implicit in the
lease. If that rate cannot be determined, the lessee&rsquo;s incremental borrowing rate is used, being the rate that the lessee would
have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and
conditions.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Right-of-use assets are measured at cost comprising the amount of the initial
measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received and
any initial direct costs incurred by the lessee.</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">In determining the lease term, management considers all facts and circumstances
that create an economic incentive to exercise an extension option or early termination, or not to exercise a termination option. Extension
options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or
not terminated).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Payments associated with short-term leases, variable leases and leases
of low value assets are recognized on a straight-line basis as expenses in profit or loss. Short-term leases are leases with a lease term
of 12 months or less.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">H</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Impairment of non-financial assets</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">Long-lived assets including identifiable intangible assets are reviewed
for impairment at the lowest level for which there are separately identifiable cash flows (&ldquo;CGU&rdquo;). Most of the Company&rsquo;s
principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiaries represents
the lowest level of asset aggregation that generates largely independent cash inflows.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Assets that are subject to amortization or depreciation are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with
indefinite useful lives, including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events
or circumstances indicate that the carrying amount value may be impaired. In some situations where there have not been significant changes
to CGU assets and liabilities as well as external and internal events and circumstances which could materially alter the recoverable amount
of the CGU, the most recent detailed calculation of recoverable amount made in a preceding period may be used in the impairment test for
that CGU 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">In assessing whether there is any indication that a CGU may be impaired,
external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually
include the discount rate used in Tenaris&rsquo;s cash flow projections and the business condition in terms of competitive, economic and
regulatory factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">An impairment loss is recognized for the amount by which the asset&rsquo;s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&rsquo;s value in use and fair value
less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: right">(a)</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">first, to reduce the carrying amount of any goodwill allocated to the CGU; and</TD> </TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: right">(b)</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each
        asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair value less
        cost of disposal, its value in use or zero.</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">Value in use is calculated by discounting the estimated cash flows over
a five year period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond
the five-year period, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among
others, mainly the historical inflation rate.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-weight: normal">For purposes of calculating
the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate
from the corresponding CGU.</FONT></P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Management judgment is required to estimate discounted future cash flows.
Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting
techniques.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Non-financial assets other than goodwill that suffered an impairment are
reviewed for possible reversal at each reporting date. For more information on impairment charges see note <FONT STYLE="color: black">5</FONT>
to these Consolidated Financial Statements.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>I</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Other investments</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">Other investments consist primarily of investments in financial instruments
and time deposits with a maturity of more than three months at the date of purchase.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Certain non-derivative financial assets that the Company held not for trading
have been categorized as financial assets at fair value through other comprehensive income (&ldquo;FVOCI&rdquo;), as the business model
objective is achieved by both holding financial assets in order to collect contractual cash flows and selling financial assets. They are
carried at fair value and interest income from these financial assets is included in finance income using the effective interest rate
method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred
to the Consolidated Income Statement when the financial asset is disposed. Exchange gains and losses and impairments related to the financial
assets are immediately recognized in the Consolidated Income Statement. FVOCI instruments with maturities greater than 12 months after
the balance sheet date are included in non-current 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">Other investments in financial instruments and time deposits are categorized
as financial assets at fair value through profit or loss (&ldquo;FVPL&rdquo;) because such investments are held for trading and their
performance is evaluated on a fair value basis. The results of these investments are recognized in <I>Financial Results</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">Purchases and sales of financial investments are recognized as of their
settlement date.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">The fair values of quoted investments
are generally based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris
estimates the fair value by using standard valuation techniques. See section III Financial Risk Management.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">J</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Inventories</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">Inventories are stated at the lower between cost and net realizable value.
The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities, freights and other direct costs
and related production overhead costs, and it excludes borrowing costs. The allocation of fixed production costs, including depreciation
and amortization charges, is based on the normal level of production capacity. Inventories cost is mainly based on the FIFO method. Tenaris
estimates the net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the
estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. Goods in transit
as of year-end are valued based on the supplier&rsquo;s invoice cost.</P>

<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 establishes an allowance for obsolete or slow-moving inventories
related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is
established based on management&rsquo;s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and
spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence
due to technological changes, aging and consumption patterns.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">K</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Trade and other receivables</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="letter-spacing: -0.1pt">Trade and other receivables are recognized
initially at fair value that corresponds to the amount of consideration that is unconditional unless they contain significant financing
components. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently
at amortized cost using the effective interest method. Due to their short-term nature, their carrying amount is considered to be the same
as their fair value.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Tenaris applies the IFRS 9 &ldquo;Financial
Instruments&rdquo; simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade
receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and
the days past due. The expected loss rates are based on the payment profiles of sales over a period of three years and the corresponding
historical credit losses experienced within this period. The expected loss allowance also reflects current and forward-looking information
on macroeconomic factors affecting the ability of each customer to settle the receivables.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">L</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Cash and cash equivalents</TD> </TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Cash and cash equivalents are comprised
of cash at banks, liquidity funds and short-term investments with a maturity of less than three months at the date of purchase which are
readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical
cost which approximates fair market value.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">In the Consolidated Statement of Financial
Position, bank overdrafts are included in <I>Borrowings</I> in current liabilities.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">For the purposes of the Consolidated
Statement of Cash Flows, <I>Cash and cash equivalents</I> includes overdrafts.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">M</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Equity</TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(1)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Equity components</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 Consolidated Statement of Changes in Equity includes:</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: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">the value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance
        with Luxembourg law;</TD></TR>
  </TABLE>

<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: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">the currency translation adjustment, treasury shares, other reserves, retained earnings and non-controlling
        interest calculated in accordance with IFRS.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(2)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Share capital</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 Company has an authorized share capital of a single class of 2.5 billion
shares having a nominal value of $1.00 per share. Total ordinary shares issued as of December 31, 2023, 2022 and 2021 were <FONT STYLE="color: black">1,180,536,830</FONT>
with a par value of $1.00 per share with one vote each. Total ordinary shares outstanding as of December 31, 2023, were <FONT STYLE="color: black">1,167,888,739</FONT>
and as of December 31, 2022 and 2021 were <FONT STYLE="color: black">1,180,536,830</FONT> with a par value of $1.00 per share with one
vote each. Outstanding shares do not include treasury shares. All issued shares are fully paid.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(3)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Treasury Shares</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">Acquisitions of treasury shares are recorded at acquisition cost, deducted
from equity until disposal or cancellation. Any potential gains or losses on disposal of treasury shares are recognized under <I>Other
reserves</I> in the Consolidated Statement of Changes in Equity. Treasury shares outstanding as of December 31, 2023, were <FONT STYLE="color: black">12,648,091</FONT>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B><I>(4)</I></B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B><I>Dividends distribution by the Company to shareholders</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">Dividends distributions are recorded in the Company&rsquo;s financial statements
when Company&rsquo;s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors
in accordance with the by-laws of the 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">Dividends may be paid by the Company to the extent that it has distributable
retained earnings, calculated in accordance with Luxembourg law. See note <FONT STYLE="color: black">27</FONT> (iii) to these Consolidated
Financial Statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">N</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Borrowings</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">Borrowings are recognized initially at fair value net of transaction costs
incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognized in profit or loss over the period of the borrowings using the effective interest 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"></P>

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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">O</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Current and deferred income tax</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 income tax expense or credit for the period is the tax payable or recoverable
on the current period&rsquo;s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred
tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognized in the
Consolidated Income Statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity.
<FONT STYLE="letter-spacing: -0.1pt">In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The current income tax charge is calculated on the basis of the tax laws
enacted or substantively enacted at the reporting date in the countries where the Company&rsquo;s subsidiaries operate and generate taxable
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">Deferred income tax is recognized applying the liability method on temporary
differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. The temporary
differences arise mainly from net operating loss carry-forwards, the effect of currency translation on depreciable fixed assets and inventories,
depreciation on property, plant and equipment, valuation of inventories, provisions for post-employment benefits and other long-term employee
benefits and fair value adjustments of assets acquired in business combinations. However, deferred tax liabilities are not recognized
if they arise from the initial recognition of goodwill. Deferred tax assets and liabilities are measured at the tax rates that are expected
to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively
enacted at the reporting 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">Management periodically evaluates positions taken in tax returns with respect
to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority
will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value,
depending on which method provides a better prediction of the resolution of the uncertainty.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets are recognized to the extent that it is probable that
future taxable profits will be available against which the temporary differences and losses can be utilized. At the end of each reporting
period, Tenaris reassesses unrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent
that it has become probable that future taxable income will allow the deferred tax asset to be recovered.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax liabilities and assets are not recognized for temporary differences
between the carrying amount and tax basis of investments in foreign operations where the company is able to control the timing of the
reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle
on a net basis, or to realize the asset and settle the liability simultaneously.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets and liabilities are re-measured if tax rates change.
These amounts are charged or credited to the Consolidated Income Statement or to the item <I>Other comprehensive income </I>in the Consolidated
Statement of Comprehensive Income, depending on the account to which the original amount was charged or credited.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">P</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Employee benefits</TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B><I>(1)</I></B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B><I>Short-term obligations</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">Liabilities for wages and salaries are recognized in respect of employees&rsquo;
services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The
liabilities are presented as current employee benefit obligations in the balance sheet.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(2)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Post-employment benefits</B></TD> </TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company has defined benefit and defined contribution plans. A defined
benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent
on one or more factors such as age, years of service and compensation.</P>

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

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

<!-- Field: Page; Sequence: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The liability recognized in the statement of financial position in respect
of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair
value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected
unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using
interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have
terms to maturity approximating to the terms of the related pension obligation.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Remeasurement gains and losses arising from experience adjustments and
changes in actuarial assumptions are charged or credited to equity in <I>Other comprehensive income</I> in the period in which they arise.
Past-service costs are recognized immediately in the 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">For defined benefit funded plans, net interest income / expense is calculated
based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan 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">For defined contribution plans, the Company pays contributions to publicly
or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations
once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions
are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.</P>

<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 sponsors funded and unfunded defined benefit pension plans in certain
subsidiaries. The most significant are:</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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to
        provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the
        employment relationship due to certain specified events, including retirement. This unfunded plan provides defined benefits based on years
        of service and final average salary. As of December 31, 2023 the outstanding liability for this plan amounts to $<FONT STYLE="color: black">48.1</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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Employees&rsquo; service rescission indemnity. The cost of this obligation is charged to the Consolidated
        Income Statement over the expected service lives of employees. This provision is primarily related to the liability accrued for employees
        at Tenaris&rsquo;s Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled
        to make contributions to external funds, thus, Tenaris&rsquo;s Italian subsidiary pays every year the required contribution to the funds
        with no further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that
        date, but only limited to the contributions of 2007 onwards. As of December 31, 2023 the outstanding liability for this plan amounts to
        $<FONT STYLE="color: black">10.6</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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Funded retirement benefit plan held in the U.S. for the benefit of some employees hired prior a certain date,
        frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan
        assets consist primarily of investments in equities and money market funds. Additionally, an unfunded post-retirement health and life
        plan is in place that offers limited medical and life insurance benefits to the retirees, frozen to new participants. As of December 31,
        2023 the outstanding liability for these plans amounts to $<FONT STYLE="color: black">5.6</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: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date
        based on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily of annuities purchased
        from an insurance company for the benefit of current and future retirees, investments in debt and equity instruments. Both plans were
        replaced for defined contribution plans. Effective June 2016 the salary plan was frozen for the purposes of credited service as well as
        determination of final average pay. As of December 31, 2023 the plan was overfunded and the net assets related to this plan amounted to
        $<FONT STYLE="color: black">10.8</FONT> million.</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 425.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(3)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Other long-term benefits</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">During 2007, Tenaris launched an <FONT STYLE="letter-spacing: -0.1pt">employee
retention and long-term incentive program</FONT> (&ldquo;the Program&rdquo;) applicable to certain senior officers and employees of the
Company, who will be granted a number of units throughout the duration of the Program. The value of each of these units is based on Tenaris&rsquo;s
shareholders&rsquo; equity (excluding non-controlling interest). Until the end of 2017, the units were vested ratably over a period of
four years and were mandatorily redeemed by the Company ten years after grant date, with the option of an early redemption at seven years
after the grant date. Since 2018, the units are vested ratably over the same period and are mandatorily redeemed by the Company seven
years after grant 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"></P>

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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The beneficiaries of the Program are entitled to receive cash amounts based
on: (i) the amount of dividend payments made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the
Program. The payment of the benefit is tied to the book value of the shares, and not to their market value. Tenaris valued this long-term
incentive program as a long-term benefit plan as classified in IAS 19, &ldquo;Employee Benefits&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">As of December 31, 2023 and 2022, the outstanding liability corresponding
to the Program amounts to $119.6 million and $94.4 million, respectively. The total value of the units granted (vested and unvested) to
date under the program, considering the number of units and the book value per share as of December 31, 2023 and 2022, is $144.0 million
and $123.9 million, respectively.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(4)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Termination benefits</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">Termination benefits are payable when employment is terminated by Tenaris
before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes
termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when
the costs for a restructuring that is within the scope of IAS 37 involves the payment of terminations benefits. In the case of an offer
made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(5)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Other compensation obligations</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">Employee entitlements to annual leave, long-service leave, sick leave and
other bonuses and compensations obligations are accrued as earned.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Compensation to employees in the event of dismissal is charged to income
in the year in which it becomes payable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">Q</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Provisions</TD> </TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris is subject to various claims, lawsuits and other legal proceedings,
including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris&rsquo;s
potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically
reviews the status of each significant matter and assesses potential financial exposure. If, as a result of past events, a potential loss
from a claim or proceeding is considered probable and the amount can be reliably 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 Tenaris&rsquo;s litigation and settlement strategies. These estimates
are primarily constructed with the assistance of legal counsel. As the scope of liabilities become better defined, there may be changes
in the estimates of future costs which could have a material adverse effect on its results of operations, financial condition and cash
flows.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If Tenaris expects to be reimbursed for an accrued expense, as would be
the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement
is recognized as a receivable.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">This note should be read in conjunction with note <FONT STYLE="color: black">27</FONT>
to these Consolidated Financial Statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">R</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Trade and other payables</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">Trade and other payables are recognized initially at fair value, generally
the nominal invoice amount and subsequently measured at amortized cost. They are presented as current liabilities unless payment is not
due within twelve months after the reporting period. Due to their short-term nature their carrying amounts are considered to be the same
as their fair value.</P>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">S</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Revenue recognition</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">Revenue comprises the fair value of the consideration received or receivable
for the sale of goods and rendering of services in the ordinary course of Tenaris&rsquo;s activities. The revenue recognized by the Company
is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated
returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating
sales within the 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">Revenue is recognized at a point in time or over time from sales when control
has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer.
The control is transferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence
and loss have been transferred and either the customer has accepted the product in accordance with the sales contract, the acceptance
provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied, including all performance
obligations. These conditions are determined and analyzed on a contract by contract basis to ensure that all performance obligations are
fulfilled. In particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable
condition.</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; color: black">For bill and hold transactions</FONT>
<FONT STYLE="font-weight: normal">revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must
be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready
for delivery; (c) the Company does not have the ability to use the product or to direct it to another customer; (d) the usual payment
terms apply.</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 contracts with customers do not provide any material
variable consideration, other than discounts, rebates and right of return. Discounts and rebates are recognized based on the most likely
value and rights of return are based on expected value considering past experience and contract conditions.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">Where the contracts include multiple
performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where
these are not directly observable, they are estimated based on the expected cost plus margin.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">There are no judgements applied by management that significantly affect
the determination of timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to different performance
obligations.</P>

<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 provides services primarily related to goods sold, which represent
a non-material portion of sales revenue and mainly include:</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>Pipe Management Services: </I>This comprises mainly preparation of the
pipes ready to be run, delivery to the customer, storage services and rig return.</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>Field Services: </I>Comprises&nbsp;field technical support and running
assistance.</P>

<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 services are rendered in connection to the sales of goods and are
attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period
as the goods sold. There are no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they
are included in the same contract, have the same counterparty and are subject to the same conditions.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company also provides hydraulic fracturing, coiled tubing and coating
services. The revenue related to these services is included in the Other segment.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Revenue from providing services is recognized over time in the accounting period in which the
services are rendered.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following inputs and outputs methods are applied to recognize revenue considering the nature
of service:</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Storage services:</I> the Company provides storage services in owned
or third-party warehouses, subject to a variable fee to be invoiced. This fee is determined based on the time that the customer maintains
the material in the warehouse and the amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in
any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).</P>

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

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

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.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"><FONT STYLE="color: windowtext"><I>Freights</I></FONT><I>:</I> <FONT STYLE="color: windowtext">the
revenue is recognized on a pro rata basis considering the units delivered and time elapsed. </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"><I>Field services</I></FONT><I>:</I> <FONT STYLE="color: windowtext">the
revenue is recognized considering output methods, in particular surveys of service completion provided by the customer.</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 does not expect to have any contracts where the period between
the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, considering
that the contracts do not include any significant financing component, the Company does not adjust any of the transaction prices for the
time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices
allocated to the remaining performance obligations as of the end of the reporting 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">Tenaris only provides standard quality warranties assuring that the goods
sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties
do not constitute a separate performance obligation.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Other revenues earned by Tenaris are recognized on the following basis:</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: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Interest income: on the effective yield basis.</TD></TR>
  </TABLE>

<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: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Dividend income from investments in other companies: when Tenaris&rsquo;s right to receive payment is established.</TD></TR>
  </TABLE>

<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: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Net income from other sales: when control is transferred to the customer.</TD></TR>
  </TABLE>

<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: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Construction / coating contracts revenues: in accordance with the stage of the project completion.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">T</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Cost of sales and other selling expenses</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">Cost of sales and other selling expenses are recognized in the Consolidated
Income Statement on the accrual basis of accounting.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Commissions, freights and other selling expenses, including shipping and
handling costs, are recorded in <I>Selling, general and administrative expenses </I>in the Consolidated Income Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">U</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Earnings per share</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">Earnings per share are calculated by dividing the income attributable to
the shareholders&rsquo; equity by the monthly weighted average number of common shares outstanding 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">There are no dilutive potential ordinary shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">V</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Financial instruments</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">Non-derivative financial instruments comprise investments in financial
debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowings and trade and other payables.</P>

<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 classifies its financial instruments according to the following
measurement categories:</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: 21.3pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">those to be measured subsequently at fair value (either through OCI or through profit or loss), and</TD></TR>
  </TABLE>

<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: 21.3pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">those to be measured at amortised cost.</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 classification depends on the Company&rsquo;s business model for managing
the financial assets and contractual terms of the cash flows.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Financial assets are recognized on their settlement date. Financial assets
are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company
has transferred substantially all the risks and rewards of ownership.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.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">At initial recognition, the Company measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable
to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses
in profit or loss.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Subsequent measurement of debt instruments depends on the Company&rsquo;s
business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which
the Company classifies its debt instruments:</P>

<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>Amortized Cost</I>: Assets that are held for collection of contractual
cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is
included in finance income using the effective interest rate 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">Exchange gains and losses and impairments related to the financial assets
are immediately recognized 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"><I>Fair value through other comprehensive income</I>: Assets that are held
for collection of contractual cash flows and for selling the financial assets, where the assets&rsquo; cash flows represent solely payments
of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate
method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred
to the Consolidated Income Statement when the financial asset is sold.</P>

<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>Fair value through profit and loss</I>: Assets that do not meet the
criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized 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">Equity instruments are subsequently measured at fair value.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Accounting for derivative financial instruments and hedging activities
is included within the section III, Financial Risk Management.</P>

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 27 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #CC0066; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in; margin: 0pt 0">iii.
Financial risk management</P>

<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 multinational nature of Tenaris&rsquo;s operations and customer base
exposes the Company to a variety of risks, mainly related to market risks (including the effects of changes in foreign currency exchange
rates and interest rates), credit risk and capital market risk. In order to manage the volatility related to these exposures, management
evaluates exposures on a consolidated basis, taking advantage of exposure netting. The Company or its subsidiaries may then enter into
various derivative transactions in order to prevent potential adverse impacts on Tenaris&rsquo;s financial performance. Such derivative
transactions are executed in accordance with internal policies and hedging practices.</P>

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

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>A. Financial risk factors</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(i)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Capital risk management</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 seeks to maintain a low debt to total equity ratio considering
the industry and the markets where it operates. The year-end ratio of debt to total equity (where &ldquo;debt&rdquo; comprises financial
borrowings and &ldquo;total equity&rdquo; is the sum of financial borrowings and equity) is <FONT STYLE="color: black">0.03</FONT> as
of December 31, 2023 and <FONT STYLE="color: black">0.05</FONT> as of December 31, 2022. The Company does not have to comply with regulatory
capital adequacy requirements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(ii)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Foreign exchange risk</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 manufactures and sells its products in a number of countries throughout
the world and consequently is exposed to foreign exchange rate risk. Since the Company&rsquo;s functional currency is the U.S. dollar
the purpose of Tenaris&rsquo;s foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of
other currencies 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">Tenaris&rsquo;s exposure to currency fluctuations is reviewed on a periodic
and consolidated basis. A number of derivative transactions are performed in order to achieve an efficient coverage in the absence of
operative or natural hedges. Almost all of these transactions are forward exchange rates contracts. See note <FONT STYLE="color: black">26</FONT>
to these Consolidated Financial Statements.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris does not&nbsp;enter into derivative financial instruments for trading
or other speculative purposes, other than non-material investments in structured 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">In the case of subsidiaries with functional currencies other than the U.S.
dollar, the results of hedging activities, reported in accordance with IFRS, may not reflect entirely the management&rsquo;s assessment
of its foreign exchange risk hedging program. Intercompany balances between Tenaris&rsquo;s subsidiaries may generate financial gains
(losses) to the extent that functional currencies differ.</P>

<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 value of Tenaris&rsquo;s financial assets and liabilities is subject
to changes arising from the variation of foreign currency exchange rates. The following table provides a breakdown of Tenaris&rsquo;s
main financial assets and liabilities (including foreign exchange derivative contracts) which impact the Company&rsquo;s profit and loss
as of December 31, 2023 and 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" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-style: italic">All amounts Long / (Short) in thousands of U.S.
        dollars</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">As of
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Currency Exposure / Functional currency</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Argentine Peso / U.S. dollar</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(134,716</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: white">(126,739</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Euro / U.S. dollar</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(203,608</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">(42,458</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Saudi Arabian Riyal / U.S. dollar</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(181,931</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">(74,183</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">)</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 main relevant exposures correspond to:</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: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Argentine Peso / U.S. dollar</TD></TR>
  </TABLE>

<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">As of December 31, 2023 and 2022 consisting primarily of Argentine
Peso-denominated financial, trade, social and fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S.
dollar. A change of 1% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $1.3 million and $1.3 million as of
December 31, 2023 and 2022 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"></P>

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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Euro / U.S. dollar</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">As of December 31, 2023 and 2022 consisting primarily of Euro-denominated
intercompany liabilities at certain subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the EUR/USD exchange
rate would have generated a pre-tax gain / loss of $2.0 million and $0.4 million as of December 31, 2023 and 2022, respectively, which
would have been to a large extent offset by changes in currency translation adjustment included in Tenaris&rsquo;s net equity position.</P>

<P STYLE="margin: 0pt 0 0pt 17.85pt; 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: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Saudi Arabian Riyal / U. S. dollar</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">As of December 31, 2023 and 2022 consisting primarily of Saudi
Arabian Riyal-denominated financial and trade payables. The Saudi Arabian Riyal is tied to the U.S. dollar.</P>

<P STYLE="margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Considering the balances held as of December 31, 2023 on financial assets
and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous 1% favorable / unfavorable
movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain / loss of $<FONT STYLE="color: black">6.7</FONT>
million (including a loss / gain of $<FONT STYLE="color: black">2.3</FONT> million due to foreign exchange derivative contracts), which
would be partially offset by changes to Tenaris&rsquo;s net equity position of $<FONT STYLE="color: black">1.1</FONT> million. For balances
held as of December 31, 2022, a simultaneous 1% favorable / unfavorable movement in the foreign currencies exchange rates relative to
the U.S. dollar, would have generated a pre-tax gain / loss of $<FONT STYLE="color: black">4.0</FONT> million (including a loss / gain
of $<FONT STYLE="color: black">0.2</FONT> million due to foreign exchange derivative contracts), which would have been partially offset
by changes to Tenaris&rsquo;s net equity position of $<FONT STYLE="color: black">0.9</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">Tenaris based its foreign exchange sensitivity analysis on a 1% variance
for information purposes only, enabling the analysis to any particular variance.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B><I>(iii)</I></B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B><I>Interest rate risk</I></B></TD> </TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris is subject to interest rate risk on its investment portfolio and
its debt. The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. The Company may
choose to enter into foreign exchange derivative contracts and / or interest rate swaps to mitigate the exposure to changes in the interest
rates.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table summarizes the proportions of variable-rate and fixed-rate
debt as of each year end.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">In thousands
        of U.S. dollars</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: rgb(242,242,242)">%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">In thousands of U.S. dollars</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Fixed rate (*)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">294,946</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">51</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">497,889</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">68</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Variable rate</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">288,491</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">49</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">230,873</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">32</TD>
    <TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">583,437</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">728,762</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Out of the $<FONT STYLE="color: black">294.9</FONT> million
fixed rate borrowings, $<FONT STYLE="color: black">271.1</FONT> million are short-term.</P>

<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 estimates that, if market interest rates applicable to Tenaris&rsquo;s
borrowings had been 100 basis points higher, then the additional pre-tax loss would have been $<FONT STYLE="color: black">6.4</FONT> million
in 2023 and $<FONT STYLE="color: black">5.3</FONT> million in 2022.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris based its interest rate sensitivity analysis on a 100 basis points
variance for information purposes only, enabling the analysis to any particular variance.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(iv)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Credit risk</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">Credit risk arises from cash and cash equivalents, deposits with banks
and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The
Company also actively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its
credit risk.</P>

<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 2023, 2022 and 2021.</P>

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

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

<!-- Field: Page; Sequence: 29 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.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">Tenaris maintains a strong, longstanding relationship with Petr&oacute;leos
Mexicanos (&ldquo;Pemex&rdquo;), one of the world&rsquo;s largest crude oil and condensates producers and one of its largest customers.
Over the past several months, Pemex has delayed payments beyond the agreed-upon due dates, resulting in Tenaris having a significant credit
exposure to Pemex, which represented approximately 20% of the Company&rsquo;s overall credit exposure as of December 31, 2023. The Company
has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer. Although the parties
are in continuous conversations and Pemex is making partial payments on a periodic basis, at this stage the Company cannot predict whether
or not its exposure to Pemex will be reduced, or the timing for any such reduction.</P>

<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 credit policies related to sales of products and services
are designed to identify customers with acceptable credit history and to allow Tenaris to require the use of credit insurance, letters
of credit and other instruments designed to minimize credit risks <FONT STYLE="color: black">whenever deemed necessary. Tenaris maintains
allowances for impairment for potential credit losses.</FONT> See section II.K.</P>

<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 December 31, 2023, trade receivables amounted to $<FONT STYLE="color: black">2,480.9</FONT>
million. Trade receivables had guarantees under credit insurance of $<FONT STYLE="color: black">212.7</FONT> million, letter of credit
and other bank guarantees of $<FONT STYLE="color: black">48.4</FONT> million. Overdue trade receivables amounted to $<FONT STYLE="color: black">679.6</FONT>
million, overdue guaranteed trade receivables amounted to $<FONT STYLE="color: black">24.4</FONT> million; and the allowance for doubtful
accounts amounted to $<FONT STYLE="color: black">49.0</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">As of December 31, 2022, trade receivables amounted to $<FONT STYLE="color: black">2,493.9</FONT>
million. Trade receivables had guarantees under credit insurance of $<FONT STYLE="color: black">231.2</FONT> million, letter of credit
and other bank guarantees of $<FONT STYLE="color: black">34.7</FONT> million. Overdue trade receivables amounted to $<FONT STYLE="color: black">544.9</FONT>
million, overdue guaranteed trade receivables amounted to $<FONT STYLE="color: black">28.1</FONT> million; and the allowance for doubtful
accounts amounted to $<FONT STYLE="color: black">45.5</FONT> million.</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">Management believes that both the allowance for doubtful accounts and the
existing guarantees are sufficient to cover doubtful trade receivables.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(v)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Counterparty risk</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 has investment guidelines with specific parameters to limit issuer
risk on marketable securities. Counterparties for derivatives and cash transactions are limited to high credit quality financial institutions,
normally investment grade.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal">Approximately <FONT STYLE="color: black">91%</FONT>
of Tenaris&rsquo;s liquid financial assets corresponded to Investment Grade-rated instruments as of December 31, 2023, in comparison with
approximately <FONT STYLE="color: black">80%</FONT> as of December 31, 2022.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(vi)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Liquidity risk</B></TD> </TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris&rsquo;s financing strategy aims to maintain adequate financial
resources and access to additional liquidity. During 2023, Tenaris has counted on cash flows from operations as well as additional bank
financing to fund its transactions.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Management maintains sufficient cash and marketable securities to finance
normal operations and believes that Tenaris also has appropriate access to market for short-term working capital needs.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Liquid financial assets as a whole (comprising cash and cash equivalents
and other investments) were <FONT STYLE="color: black">19%</FONT> and <FONT STYLE="color: black">9%</FONT> of total assets at the end
of 2023 and 2022, 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">Tenaris has a conservative approach to the management of its liquidity,
which consists of i)&nbsp;cash and cash equivalents (cash in banks, liquidity funds and investments&nbsp;with a&nbsp;maturity of less
than three months&nbsp;at the date of purchase), and ii) other investments (fixed income securities, time deposits, and fund investments).</P>

<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 holds primarily investments in money market funds and variable
or fixed-rate securities from investment grade issuers.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal">Tenaris holds its
investments primarily in U.S. dollars. As of December 31, 2023 and 2022, U.S. dollar denominated liquid assets plus investments denominated
in other currencies hedged to the U.S. dollar represented approximately <FONT STYLE="color: black">94%</FONT> and <FONT STYLE="color: black">87%</FONT>
of total liquid financial assets, respectively.</FONT></P>

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

<!-- Field: Page; Sequence: 30 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>(vii)</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Commodity price risk</B></TD> </TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal">In the ordinary course
of its operations, Tenaris purchases commodities and raw materials that are subject to price volatility caused by supply conditions, political
and economic variables and other factors. As a consequence, Tenaris is exposed to risk resulting from fluctuations in the prices of these
commodities and raw materials. Tenaris fixes the prices of such raw materials and commodities for short-term periods, typically not in
excess of one year, and in general hedging for these risks is performed on a limited basis.&#9;</FONT></P>

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

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>B. Category of financial instruments and classification
within the fair value hierarchy</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">As mentioned in note II.V, the Company classifies its financial instruments
in the following measurement categories: amortized cost, fair value through other comprehensive income and fair value through profit and
loss. For financial instruments that are measured in the statement of financial position at fair value, IFRS 13, &ldquo;Fair value measurement&rdquo;
requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:</P>

<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>Level 1:</I> Quoted prices (unadjusted) in active markets for identical
assets or liabilities.</P>

<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>Level 2:</I> Inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).</P>

<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>Level 3:</I> Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs).</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 following tables present the financial instruments by category and
levels as of December 31, 2023 and 2022.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Measurement
        Categories</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">At Fair
        Value</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">December 31, 2023</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">
        <P STYLE="margin-top: 0; margin-bottom: 0">Carrying</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">amount</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">
        <P STYLE="margin-top: 0; margin-bottom: 0">Amortized</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Cost</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">FVOCI</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">FVPL</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Level 1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Level 2</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Level 3</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; background-color: white">Assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">1,637,821</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">1,414,397</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">223,424</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">223,424</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Other investments</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">1,969,631</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">896,166</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">834,281</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">239,184</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">1,073,465</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 8.7pt; background-color: white">Fixed
        income (time-deposit, zero coupon bonds, commercial papers)</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">896,166</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">896,166</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">U.S. Sovereign Bills</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">282,225</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">282,225</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 8pt; background-color: white">Certificates of deposits</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">334,637</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">334,637</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Commercial papers</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">196,708</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">196,708</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Other notes</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">82,596</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">82,596</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid; text-indent: 8pt; background-color: white">Bonds
        and other fixed income</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">834,281</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">834,281</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">834,281</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">U.S. government securities</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">126,399</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">126,399</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">126,399</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Non-U.S. government securities</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">10,943</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">10,943</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">10,943</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Corporates securities</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">696,939</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">696,939</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">696,939</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid; text-indent: 8pt; background-color: white">Mutual Fund</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">239,184</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">239,184</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">239,184</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">9,801</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">9,801</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">9,801</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Other Investments Non-current</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">405,631</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">398,220</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">7,411</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">398,220</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">7,411</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Bonds and other fixed income</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">398,220</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">398,220</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">398,220</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Other investments</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">7,411</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">7,411</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">7,411</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Trade receivables</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">2,480,889</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">2,480,889</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Receivables C and NC</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">414,778</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">93,144</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Other receivables</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">93,144</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">93,144</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: 8pt; background-color: white">Other receivables
        (non-financial)</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">321,634</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; background-color: white">Total</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,884,596</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,232,501</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">479,820</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,695,109</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">9,801</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">7,411</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; background-color: white">Liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Borrowings C and NC</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">583,437</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">583,437</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Trade payables</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">1,107,567</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">1,107,567</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Lease Liabilities C and NC</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">134,433</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">134,433</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1pt solid; background-color: white">Derivative
        financial instruments</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">11,150</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">11,150</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">11,150</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Total</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,825,437</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">11,150</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">11,150</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Measurement
        Categories</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">At
        Fair Value</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; background-color: white">December 31, 2022</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">
        <P STYLE="margin-top: 0; margin-bottom: 0">Carrying</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">amount</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">
        <P STYLE="margin-top: 0; margin-bottom: 0">Amortized</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Cost</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">FVOCI</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">FVPL</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Level 1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Level 2</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Level 3</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; background-color: white">Assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,091,527</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">668,668</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">422,859</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">422,859</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Other investments</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">438,448</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">196,152</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">182,988</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">59,308</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">242,296</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 8.7pt; background-color: white">Fixed
        income (time-deposit, zero coupon bonds, commercial papers)</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">196,152</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">196,152</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 8pt; background-color: white">Certificates of deposits</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">36,167</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">36,167</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Commercial papers</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">19,785</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">19,785</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Other notes</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">140,200</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">140,200</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid; text-indent: 8pt; background-color: white">Bonds
        and other fixed income</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">211,953</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">182,988</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">28,965</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">211,953</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Non-U.S. government securities</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">108,310</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">79,345</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">28,965</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">108,310</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Corporates securities</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">103,643</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">103,643</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">103,643</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid; text-indent: 8pt; background-color: white">Mutual Fund</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">30,343</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">30,343</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">30,343</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">30,805</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">30,805</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">30,805</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Other Investments Non-current</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">119,902</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">113,574</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">6,328</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">113,574</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">6,328</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Bonds and other fixed income</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">113,574</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">113,574</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">113,574</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Other investments</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">6,328</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,328</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,328</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Trade receivables</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,493,940</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,493,940</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Receivables C and NC (*)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">395,531</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">105,397</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">48,659</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">48,659</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt; background-color: white">Other receivables</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">154,056</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">105,397</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">48,659</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">48,659</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: 8pt; background-color: white">Other receivables
        (non-financial)</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">241,475</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; background-color: white">Total</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,464,157</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">345,221</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">519,300</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">778,729</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">30,805</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">54,987</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; background-color: white">Liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Borrowings C and NC</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">728,762</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">728,762</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Trade payables</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,179,457</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,179,457</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Lease Liabilities C and NC</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">112,177</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">112,177</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1pt solid; background-color: white">Derivative
        financial instruments</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">7,127</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">7,127</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">7,127</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Total</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,020,396</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,127</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,127</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(*)</SUP> Includes balances related to interest in Venezuelan companies. See note <FONT STYLE="color: black">35</FONT>
to these Consolidated Financial Statements.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table presents the changes in Level 3 assets:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">54,987</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">56,294</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Decrease <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(47,467</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,126</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Currency translation adjustment and others</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(109</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(181</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">At the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">7,411</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">54,987</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> For 2023, related to the sale of Venezuela awards. For more
information see notes <FONT STYLE="color: black">6</FONT> and <FONT STYLE="color: black">35</FONT>.</P>

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

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

<!-- Field: Page; Sequence: 32 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>C. Fair value estimation </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">Financial assets or liabilities classified at fair value through profit
or loss are measured under the framework established by the IASB accounting guidance for fair value measurements and disclosures.</P>

<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 values of quoted investments are generally based on current bid
prices. If the market for a financial asset is not active or no market is available, fair values are established using standard valuation
techniques.</P>

<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">Borrowings are classified under other financial liabilities and measured
at their amortized cost. Tenaris estimates that the fair value of its main financial liabilities is approximately <FONT STYLE="color: black">99.8%</FONT>
and <FONT STYLE="color: black">99.2%</FONT> of its carrying amount (including interests accrued) in 2023 and 2022 respectively. Fair values
were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting cash flows.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The carrying amount of investments valuated at amortized cost approximates
its fair value.</P>

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

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>D. Accounting for derivative financial instruments and
hedging activities</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">Derivative financial instruments are initially recognized in the statement
of financial position at fair value through profit and loss on each date a derivative contract is entered into and are subsequently remeasured
at fair value. Specific tools are used for calculation of each instrument&rsquo;s fair value and these tools are tested for consistency
on a monthly basis. Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates
matching the nature of each underlying risk.</P>

<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 general rule, Tenaris recognizes the full amount related to the change
in fair value of derivative financial instruments in <I>Financial Results</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">Tenaris designates certain derivatives as hedges of particular risks associated
with recognized assets or liabilities or highly probable forecast transactions. These transactions are classified as cash flow hedges.
The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts
accumulated in equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged
item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Tenaris&rsquo;s
derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial position.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For transactions designated and qualifying for hedge accounting, Tenaris
documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management
objectives and strategy for undertaking various hedge transactions. Tenaris also documents its assessment on an ongoing basis, of whether
the hedging instruments are highly effective in offsetting changes in the fair value or cash flow of hedged items. At December 31, 2023
and 2022, the effective portion of designated cash flow hedges which is included in <I>Other Reserves</I> in equity amounted to <FONT STYLE="color: black; background-color: white">$</FONT><FONT STYLE="color: black">8.1</FONT>
million credit and $<FONT STYLE="color: black">13.1</FONT> million credit 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">The fair values of various derivative instruments used for hedging purposes
and the movements of the hedging reserve included within <I>Other Reserves</I> in equity are disclosed in note <FONT STYLE="color: black">26</FONT>
to these Consolidated Financial Statements.</P>

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

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

<!-- Field: Page; Sequence: 33 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #CC0066; font-size: 10pt; font-weight: bold; margin: 0pt 0">IV. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>1</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Segment information</B></TD> </TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As mentioned in section II.C, the Segment Information is disclosed as follows:</P>

<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>Reportable operating segments</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">(All amounts in millions of U.S. dollars)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold">Year ended December 31, 2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Tubes</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,337</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">129</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,466</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Difference in cost of sales</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(134</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(7</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses), net</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(9</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,316</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Financial income (expense), net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">221</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income
        tax</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,537</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">95</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,633</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Net Sales</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">14,185</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">684</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">14,869</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">518</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right; background-color: #F2F2F2">31</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2">549</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Year ended December 31, 2022</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Tubes</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,772</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">75</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,847</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Difference in cost of sales</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">44</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(4</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses), net</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">74</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,963</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Financial income (expense), net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(6</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income
        tax</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,957</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">209</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,166</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Net Sales</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">11,133</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">630</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">11,763</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">588</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">20</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">608</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Year ended December 31, 2021</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Tubes</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">178</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">65</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">243</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Difference in cost of sales</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">473</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses), net</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(8</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">707</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Financial income (expense), net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">23</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income
        tax</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">730</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">513</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,243</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Net Sales</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">5,994</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">528</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">6,521</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">575</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: right">20</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">595</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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">98.5</FONT>
million, $<FONT STYLE="color: black">77.9</FONT> million and $<FONT STYLE="color: black">45.6</FONT> million in 2023, 2022 and 2021, 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">There are no material differences between IFRS and management view in total
revenues and by reportable segments.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The differences between operating income under IFRS view and the management
view are mainly related to the cost of goods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement
cost considered for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other minor timing differences.</P>

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

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

<!-- Field: Page; Sequence: 34 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The main difference in <I>Other operating income (expenses), net</I>, for
the year ended December 31, 2022, is attributable to 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.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">North America</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">South America</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Europe</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Asia
        Pacific, Middle East and Africa <SUP>(*)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unallocated
        <SUP>(**)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Year ended December 31, 2023</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; font-size: 10pt; text-align: justify">Net sales</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">7,765,130</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">3,382,495</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,175,581</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,545,654</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">14,868,860</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Total assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">11,210,620</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,751,121</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,839,378</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,671,972</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,608,804</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">21,081,895</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Trade receivables, net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,222,635</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">447,379</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">278,077</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">532,798</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,480,889</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Property, plant and equipment, net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,676,352</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,143,752</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">794,242</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">463,833</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">6,078,179</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Capital expenditures</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">214,932</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">246,061</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">119,820</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">38,632</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">619,445</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">307,139</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">115,156</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">74,862</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">51,353</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">548,510</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Year ended December 31, 2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Net sales</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,902,787</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,550,402</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,000,833</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,308,504</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">11,762,526</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Total assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9,018,386</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,896,403</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,071,624</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,023,187</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,540,646</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">17,550,246</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Trade receivables, net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,371,717</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">583,223</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">202,753</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">336,247</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,493,940</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Property, plant and equipment, net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,548,844</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,031,423</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">706,539</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">269,457</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5,556,263</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Capital expenditures</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">118,644</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">176,448</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">62,143</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">21,211</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">378,446</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">348,550</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">125,324</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">76,631</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">57,218</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">607,723</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Year ended December 31, 2021</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Net sales</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,360,345</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,311,279</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">742,463</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,107,120</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,521,207</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Total assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">7,992,946</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,399,448</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,727,573</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">945,690</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,383,774</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">14,449,431</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Trade receivables, net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">652,483</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">234,800</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">180,515</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">231,274</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,299,072</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Property, plant and equipment, net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,805,912</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">984,413</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">742,461</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">292,015</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5,824,801</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Capital expenditures</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">106,118</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">63,723</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">43,344</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">26,333</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">239,518</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">307,116</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">125,781</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">89,667</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">72,157</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">594,721</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>Starting on January 1, 2023, Asia Pacific and Middle East
and Africa segments were merged in a single geographical segment.</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 2023, 2022 and 2021 includes <I>Investments in non-consolidated
companies</I>. See note <FONT STYLE="color: black">14</FONT> to these Consolidated Financial Statements.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">There are no revenues from external customers attributable to the Company&rsquo;s
country of incorporation (Luxembourg).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The principal countries from which the Company derives its revenues are
USA (<FONT STYLE="color: black">39%</FONT>), Argentina (<FONT STYLE="color: black">15%</FONT>), Mexico, Canada, Saudi Arabia 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">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. Revenues related to governmental institutions represent approximately <FONT STYLE="color: black">26%</FONT>, <FONT STYLE="color: black">22%</FONT>
and <FONT STYLE="color: black">23%</FONT> in 2023, 2022 and 2021 respectively.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&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">(All amounts in millions of U.S. dollars)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">Revenues Tubes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">Oil &amp; gas</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">12,488</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">9,543</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">4,895</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Oil &amp; gas processing plants</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">818</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">738</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">459</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Industrial, power and others</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">879</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">852</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">640</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">Total</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">14,185</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,133</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,994</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">At December 31, 2023, 2022 and 2021, the Company recognized contract liabilities
related to customer advances in the amount of $<FONT STYLE="color: black">263.7</FONT> million, $<FONT STYLE="color: black">242.9</FONT>
million and $<FONT STYLE="color: black">92.4</FONT> million, respectively. Each of these amounts are reclassified to revenues during the
subsequent years. In these periods, no significant adjustments in revenues were performed related to previously satisfied performance
obligations.</P>

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

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

<!-- Field: Page; Sequence: 35 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">2</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Cost of sales</TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; font-weight: bold; text-align: justify">Inventories at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,986,929</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">2,672,593</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,636,673</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Increase in inventory due to business combinations <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">107,588</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Decrease in inventory due to sale of subsidiaries</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(10,662</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Plus: Charges of the year</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Raw materials, energy, consumables and other</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,277,507</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5,772,031</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,841,551</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Services and fees</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">437,804</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">293,490</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">208,472</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Labor cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,403,546</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,160,085</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">824,071</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">424,373</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">465,849</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">448,843</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization of intangible assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">11,582</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">11,754</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">7,645</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">30,352</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">33,244</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">35,910</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Maintenance expenses</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">408,410</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">267,294</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">129,350</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Allowance for obsolescence</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">13,581</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">24,901</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">23,296</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Taxes</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">272,120</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">194,736</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">40,887</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">216,220</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">178,691</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">98,159</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">8,603,083</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">8,402,075</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5,647,522</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Less: Inventories at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(3,921,097</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(3,986,929</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,672,593</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">8,668,915</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,087,739</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,611,602</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="color: #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"><SUP>(*) </SUP>Related to the GPC, Isoplus anticorrosion coating division
and Mattr&rsquo;s pipe coating business unit acquisitions. For more information see note <FONT STYLE="color: black">34</FONT>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>3</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Selling, general and administrative expenses</B></TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: justify">Services and fees</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">163,723</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">148,331</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">115,303</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Labor cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">652,820</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">518,500</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">426,414</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">21,517</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">21,883</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">22,924</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization of intangible assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">40,761</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">59,018</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">63,874</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">19,925</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">15,975</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">15,525</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Freights and other selling expenses</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">696,705</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">641,812</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">415,895</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Provisions for contingencies</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">38,899</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">20,606</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">24,998</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Allowances for doubtful accounts</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,590</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(223</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(4,297</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Taxes</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">170,484</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">121,410</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">78,800</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">110,883</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">87,263</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">47,133</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,919,307</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,634,575</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,206,569</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">4</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left; background-color: white">Wages, salaries and social security costs</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,943,825</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,594,200</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,170,562</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Severance indemnities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">26,470</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">29,070</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">28,625</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Post-employment benefits - defined contribution plans</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">15,055</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">13,256</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">12,608</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Post-employment benefits - defined benefit plans</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">19,452</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">16,320</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">13,353</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: white">Employee retention and long-term incentive program</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">51,564</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,739</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,337</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,056,366</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,678,585</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,250,485</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following table shows the geographical distribution of the employees:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">2022</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">2021</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt">Mexico</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">7,500</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,919</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,474</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Argentina</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">6,267</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,444</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5,169</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">USA</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,882</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,509</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,684</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Italy</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,187</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,136</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,011</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Romania</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,884</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,847</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,725</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Indonesia</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,573</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">495</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">506</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Brazil</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,492</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,460</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,817</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Canada</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,195</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">944</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">758</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Colombia</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,112</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,183</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,009</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Saudi Arabia</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">849</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">427</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">408</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">Other</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,193</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,565</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,215</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">29,134</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">25,929</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">22,776</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>5</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Impairment charge</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&rsquo;s main source of revenue is the sale of products and services
to the oil and gas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling
activities.</P>

<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 conducts regular assessments of the carrying values of its
assets. The recoverable value is based on the value in use. The main key assumptions used in estimating the value in use are discount
rate, growth rate and competitive, economic and regulatory factors applied to determine cash flow projections, such as oil and gas prices,
average number of active oil and gas drilling rigs (rig count) and raw material costs.</P>

<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 purposes of assessing key assumptions, to estimate discounted future
cash flows, the Company uses external sources of information and management judgment based on past experience and expectations. Management
has determined the value of each of the key assumptions as follows:</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">- Discount rate: based on the applicable weighted average cost of capital
(&ldquo;WACC&rdquo;), which is considered to be a good indicator of capital cost, taking into account the industry, country and size of
the business. For each CGU where assets are allocated, a specific WACC was determined.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">- Growth rate: considers mainly the inflation impact on prices and costs,
the long-term evolution of the oil and gas industry, the higher demand to offset depletion of existing fields and the Company&rsquo;s
expected market penetration. In 2023, a nominal growth rate of 2% was considered.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">- Oil and gas prices: based on industry analysts&rsquo; reports and&nbsp;management&rsquo;s
expectations of market development.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">- Rig count: based on information published by Baker Hughes and management&rsquo;s
expectations.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">- Raw material costs: based on industry analysts&rsquo; reports and management&rsquo;s
expectations.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Considering that the recoverable amount of the cash-generating units obtained
in prior years' tests and that the assets and liabilities making up those units have not changed significantly, nor the key assumptions
mentioned above, the Company concluded that impairment tests for previous years are still valid as of the end of the reporting period.
In addition, the Company has considered the impact of updating the main discount rates, applying rates in a range between 12.5% and 21.4%
for the CGUs under analysis. Based on the facts mentioned above, the Company concluded that no impairment charge shall be recognized for
the year 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 December 2022, in the presence of impairment indicators, the Company
conducted impairment tests and reviewed the values of certain idle assets in its subsidiaries. The aforementioned analysis resulted in
impairment charges of $76.7 million, allocated in $63.1 million to the Tubes segment and $13.6 million to the Other segment. The main
discount rates used were in a range between 13.4% and 20.2%. In 2022, a nominal growth rate of 2% was considered.</P>

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

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

<!-- Field: Page; Sequence: 37 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.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">In December 2021, as a result of the expected termination of the NKKTubes
joint venture, which at the time represented an impairment indicator for its assets, an impairment test was conducted, resulting in a
charge of $57 million that totally reduced the carrying amounts of property, plant and equipment and intangible assets. The total amount
was allocated to the Tubes segment. The main discount rates used were in a range between 10.9% and 18.8%. In 2021, a nominal growth rate
of 2% was considered.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>6</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Other operating income and expenses</B></TD> </TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 22.4pt; font-size: 10pt; text-indent: -22.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Other operating income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">Net income from other sales</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">10,960</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">28,161</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">10,694</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Net rents</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,702</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5,084</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5,314</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Reclassification of currency translation adjustment reserve</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">878</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">71,252</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Tax recovery in Brazilian subsidiaries</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">35,568</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Bargain purchase gain</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,162</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Result on sale of Venezuela awards</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">33,341</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Recovery on allowance for doubtful receivables</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">379</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Other income</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,290</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">53,043</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">104,497</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">68,245</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Other operating expenses</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Contributions to welfare projects and non-profit organizations</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">15,538</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">13,668</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,697</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Allowance for doubtful receivables</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">107</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">346</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Securities Exchange Commission investigation settlement</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">78,100</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Other expense</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,628</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,595</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">17,273</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">104,709</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">6,697</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Other income, net</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">35,770</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(212</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">61,548</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 22.4pt; font-size: 10pt; text-indent: -22.4pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Reclassification of currency translation adjustment reserve:</I> During
2022, 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">36</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>Tax recovery in Brazilian subsidiaries:</I> On May 13, 2021, the Brazilian
Supreme Court issued a final judgment confirming that in calculating PIS and COFINS (Federal Social Contributions on Gross Revenues),
tax payers should exclude from its base the total output of ICMS, calculated on a gross basis. This decision led to a recognition of approximately
$53 million tax credit in Brazilian subsidiaries, out of which $36 million were recognized in other operating income and $17 million in
financial results (impacting in Finance Income and Finance Cost). In addition the tax charge related to this gain amounted to $12 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"><I>Bargain purchase gain:</I> This gain relates to the Isoplus anticorrosion
coating division acquisition. For more information see note <FONT STYLE="color: black">34</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">35</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>Other income:</I> On November 1, 2021, Tenaris sold 100% of the shares
of Geneva Structural Tubes LLC (&ldquo;Geneva&rdquo;) to MKK USA Inc., a subsidiary of Maruichi Steel Tube Ltd of Japan for an aggregate
price of $24.3 million. The gain of this transaction amounted to approximately $6.8 million.</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"><I>Securities Exchange Commission investigation settlement</I>: For more
information see note <FONT STYLE="color: black">27</FONT> &ldquo;Contingencies, commitments and restrictions to the distribution of profits
- <I>Contingencies - Petrobras-related proceedings and claims</I>&rdquo;.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>7</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Financial results</B></TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 61%; font-size: 10pt; text-align: justify">Interest income</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">201,852</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">86,112</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">38,048</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; padding-bottom: 1pt; font-size: 10pt; text-align: justify">Net result on changes in FV of financial assets
        at FVPL</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">11,622</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,092</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Finance income</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">213,474</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">80,020</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">38,048</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Finance cost</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(106,862</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(45,940</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(23,677</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Net foreign exchange transactions results</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">218,383</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">15,654</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">17,287</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Net foreign exchange derivatives contracts results</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(8,974</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(25,666</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(7,966</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(95,044</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(30,108</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,026</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Other financial results, net</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">114,365</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(40,120</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">8,295</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Net financial results</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">220,977</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(6,040</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">22,666</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt">&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"><I>Finance Income: </I>In 2023, 2022 and 2021 includes $61.2 million, $33.0
million and $3.3 million of interest related to instruments carried at FVPL, respectively.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In 2021 also includes $18.0 million of non-financial interest related
to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see note 6 to these Consolidated Financial Statements.</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"><I>Net foreign exchange transactions results: </I>In 2023 mainly includes
result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated net financial position at subsidiaries
with functional currency U.S. dollar, the Brazilian real appreciation against the U.S. dollar on Brazilian denominated net financial position
at subsidiaries with functional currency U.S. dollar, together with the result from Euro appreciation against the U.S. dollar on Euro
denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by an increase in currency translation
adjustment reserve from an Italian subsidiary.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In 2022 mainly includes result from the Argentine peso and Japanese yen
depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated net financial position at subsidiaries with functional
currency U.S. dollar, together with the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities
in subsidiaries with functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an
Italian subsidiary.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">In 2021 mainly includes the result from Euro depreciation
against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset
by an increase in currency translation adjustment reserve from an Italian subsidiary, together with the result from the Argentine peso
and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated net financial position at subsidiaries
with functional currency 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"><I>Net foreign exchange derivatives contracts results: </I>In 2023 includes
mainly losses on derivatives covering net receivables in Brazilian real.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In 2022 includes mainly losses on derivatives covering net receivables
in Brazilian real and net liabilities in Euro and Japanese yen.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Other: </I>In 2023 includes a net loss of $94.7 million related to the
transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders. For more information
see note <FONT STYLE="color: black">29</FONT>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In 2022 includes a loss of $29.8 million related to the transfer
of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders.</P>

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

<!-- Field: Page; Sequence: 39 -->
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    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>8</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Equity in earnings of non-consolidated companies</B></TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Year
        ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">From non-consolidated companies</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">104,897</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">242,743</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">512,591</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Remeasurement of previously held interest</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,506</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Bargain purchase gain</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">11,487</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Impairment loss on non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(34,041</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Net loss related to participation increase in Usiminas</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(25,486</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">95,404</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">208,702</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">512,591</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Remeasurement of previously held interest and Bargain purchase gain:
</I>For year ended December 31, 2023, include $<FONT STYLE="color: black">4.5</FONT> million and $<FONT STYLE="color: black">11.5</FONT>
million related to GPC acquisition. For more information see note <FONT STYLE="color: black">34</FONT> &ldquo;Business Combinations -
<I>Acquisition of Global Pipe Company</I>&rdquo;.</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>Impairment loss on non-consolidated companies:</I> For year ended December
31, 2022, $19.1 related to the investment in Usiminas 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"><I>Net loss related to participation increase in Usiminas: </I>For more
information see note <FONT STYLE="color: black">14</FONT> &ldquo;Investments in non-consolidated companies - <I>Usiminas</I>&rdquo;.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>9</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Income tax</B></TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">Current tax</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(868,695</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">(589,706</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">(215,467</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Deferred tax</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">193,739</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(27,530</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,019</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Tax charge</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(674,956</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(617,236</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(189,448</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">No current tax impacts have arisen in the current Consolidated Financial
Statements as of December 31, 2023, due to the application of Pillar Two rules, as they will be applicable as from 2024 in jurisdictions
relevant for the 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">In addition, the Company has applied the exception prescribed by the amendments
to IAS 12, and therefore it has not recognized any deferred tax impact from the Pillar Two application.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company is in the process of assessing its exposure to the Pillar Two
legislation and testing its situation under the OECD transitional safe harbour rules and expects no major impacts in relation to top-up
tax due to the application of one or more of the transitional safe harbour rules.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Due to the complexities in applying the legislation and calculating GloBE
income, the quantitative impact of the enacted legislation is not yet reasonably estimable.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The tax on Tenaris&rsquo;s income before tax differs from the theoretical amount that would
arise using the tax rate in each country as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended
        December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">Income before income tax</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">4,632,789</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,165,937</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,242,766</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Less impairment charges (non-deductible)</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">57,075</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Income before income tax without impairment charges</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,632,789</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,165,937</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,299,841</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Tax calculated at the tax rate in each country</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,127,428</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(705,727</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(209,765</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Effect of currency translation on tax base</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(346,573</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(187,186</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(76,043</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Changes in the tax rates</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,535</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(3,422</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(29,881</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Utilization of previously unrecognized tax losses</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">787</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">29,560</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">966</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Tax revaluation, withholding tax and others</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">796,723</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">249,539</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">125,275</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Tax charges</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(674,956</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(617,236</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(189,448</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 40 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Effect of currency translation on tax base:</I> Tenaris applies the
liability method to recognize deferred income tax on temporary differences between the tax bases of assets / liabilities and their carrying
amounts in the financial statements. By application of this method, Tenaris recognizes gains and losses on deferred income tax due to
the effect of the change in the value on the tax bases in subsidiaries (mainly Argentina and Mexico), which have a functional currency
different than their local currency. These gains and losses are required by IFRS even though the revalued / devalued tax bases of the
relevant assets will not result in any deduction / obligation for tax purposes in future periods.</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>Changes in the tax rates:</I> For the year 2021, includes mainly the
effect of the increase in the corporate income tax rate in Argentina from 25% to 35%.</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>Tax revaluation, withholding tax and others:</I> Includes a net tax
income of $<FONT STYLE="color: black">349.0</FONT> million, $<FONT STYLE="color: black">250.4</FONT> million and $<FONT STYLE="color: black">113.2</FONT>
million for 2023, 2022 and 2021 respectively related to the tax revaluation regimes in Argentina and Mexico. It also includes a charge
of $<FONT STYLE="color: black">164.3</FONT> million, $<FONT STYLE="color: black">21.0</FONT> million and $<FONT STYLE="color: black">22.6</FONT>
million for 2023, 2022 and 2021 respectively related to withholding taxes for intra-group international operations. Additionally, it includes
$550.3 million tax income for 2023 related to the recognition deferred tax assets due to previous years&rsquo; tax losses carried forward
in Luxembourg. For more information see note 22.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">10</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Dividends distribution</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 November 1, 2023, the Company&rsquo;s Board of Directors approved an
interim dividend of $0.20 per outstanding share ($0.40 per ADS), or approximately $235 million, paid 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">On May 3, 2023, the Company&rsquo;s shareholders approved an annual dividend
in the amount of $0.51 per share ($1.02 per ADS). The amount approved by the shareholders included the interim dividend previously paid
on November 23, 2022 in the amount of $0.17 per share ($0.34 per ADS). The balance, amounting to $0.34 per share ($0.68 per ADS), was
paid on May 24, 2023, for an amount of approximately $401 million. In the aggregate, the interim dividend paid in November 2022 and the
balance paid in May 2023 amounted to approximately $602 million.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left">11</TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify">Property, plant and equipment, net</TD> </TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 35pt; font-size: 10pt; text-align: justify; text-indent: -35pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">Year ended December 31, 2023</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Land and civil
        buildings</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Industrial
        buildings, plant and production equipment</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Vehicles,
        furniture and fixtures</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Work in progress</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Spare parts
        and equipment</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right; background-color: #F2F2F2">815,763</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right; background-color: #F2F2F2">12,857,494</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right; background-color: #F2F2F2">402,485</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right; background-color: #F2F2F2">252,379</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right; background-color: #F2F2F2">55,526</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right; background-color: #F2F2F2">14,383,647</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,863</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">53,282</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,675</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,462</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">199</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">58,481</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">64,413</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">256,899</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">831</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">71,838</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">393,981</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Additions</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">330</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,661</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">820</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">546,515</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">19,671</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">570,997</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">12,031</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">435,550</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">22,530</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(471,381</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,270</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Disposals / Consumptions</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,443</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(68,613</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(11,428</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,710</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,562</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(92,756</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Values at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">889,957</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">13,538,273</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">416,913</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">396,103</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">71,834</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">15,313,080</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Depreciation and impairment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">152,272</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">8,313,971</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">340,526</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">20,615</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">8,827,384</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">390</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">38,074</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,584</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">105</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">40,153</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">12,256</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">411,861</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">19,839</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,934</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">445,890</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(16</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(391</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">27</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(380</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Disposals / Consumptions</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(8</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(67,471</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(10,667</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(78,146</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Accumulated at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">164,894</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">8,696,044</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">351,309</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">22,654</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">9,234,901</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">At December 31, 2023</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">725,063</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,842,229</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">65,604</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">396,103</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">49,180</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">6,078,179</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="color: #003366; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: -34.85pt; margin: 0pt 0 0pt 34.85pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal"><SUP>(*) </SUP>Related
to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC&rsquo;s OCTG pipe processing facility and Mattr&rsquo;s pipe coating
business unit acquisitions. For more information see note <FONT STYLE="color: black">34</FONT>.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">Year ended December 31, 2022</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Land and civil
        buildings</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Industrial
        buildings, plant and production equipment</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Vehicles,
        furniture and fixtures</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Work in progress</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Spare parts
        and equipment</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right">830,104</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right">13,064,541</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right">420,930</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right">147,429</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right">59,522</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: right">14,522,526</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,601</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(71,347</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,838</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">376</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(174</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(74,584</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">187</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">187</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Additions</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,271</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">734</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">334,912</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">8,150</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">346,067</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9,829</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">184,915</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">16,221</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(227,153</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(16,188</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Disposals / Consumptions</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(22,569</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(322,886</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33,562</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,372</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(11,972</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(394,361</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Values at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">815,763</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">12,857,494</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">402,485</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">252,379</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">55,526</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">14,383,647</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Depreciation and impairment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">139,941</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">8,199,724</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">353,639</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4,421</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">8,697,725</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(289</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(51,283</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,756</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">130</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(53,198</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">13,577</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">432,648</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">21,022</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">20,485</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">487,732</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(21,506</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(215</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(21,723</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Impairment charge (See note 5)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">75,722</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">321</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">76,043</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Disposals / Consumptions</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(955</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(321,334</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(32,485</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,421</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(359,195</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Accumulated at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">152,272</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">8,313,971</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">340,526</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">20,615</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">8,827,384</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">At December 31, 2022</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">663,491</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,543,523</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">61,959</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">252,379</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">34,911</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,556,263</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="color: #003366; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: -35pt; margin: 0pt 0 0pt 35pt">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">See note <FONT STYLE="color: black">28</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 SSPC, in which Tenaris
holds a 47.79% interest.</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">Property, plant and equipment include capitalized interests for net amounts
at December 31, 2023 and 2022 of $<FONT STYLE="color: black">28.8</FONT> million and $<FONT STYLE="color: black">30.4</FONT> million,
respectively. There were no new interests capitalized during 2023 and 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">Government grants recognized as a reduction of property, plant and equipment
were not material for the years 2023 and 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">For the year 2023, the carrying amount of assets pledged as security for
current and non-current borrowings amounted to $89.6 million held in Saudi Arabia by the Company&acute;s subsidiary GPC, in which SSPC
holds a 57.3% interest.</P>

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

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

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.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">For the year 2022, the carrying amount of assets pledged as security for
current and non-current borrowings were not material.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>12</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Intangible assets, net</B></TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">Year ended December 31, 2023</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Information
        system projects</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Licenses,
        patents and trademarks <SUP>(*)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Goodwill</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Customer relationships</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">614,474</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">550,991</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,469,726</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,762,042</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">5,397,233</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,233</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">39</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,274</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">105</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">116</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">18,616</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">28,638</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">47,475</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Additions</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">39,375</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">9,073</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">48,448</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">437</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">367</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">804</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">Disposals</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(7,737</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(7,737</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Values at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">648,887</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">560,549</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,488,381</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,790,680</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">5,488,497</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Amortization and impairment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">561,119</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">398,417</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,384,674</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,720,515</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,064,725</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,140</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,141</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Amortization charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">21,285</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">8,799</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">22,259</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">52,343</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(86</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(86</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">Disposals</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(7,736</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(7,736</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Accumulated at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">576,722</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">407,217</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,384,674</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,742,774</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,111,387</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">At December 31, 2023</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">72,165</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">153,332</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,103,707</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">47,906</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,377,110</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>Includes Proprietary Technology.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(**) </SUP>Related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC&rsquo;s
OCTG pipe processing facility and Mattr&rsquo;s pipe coating business unit acquisitions. For more information see note <FONT STYLE="color: black">34</FONT>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">Year ended December 31, 2022</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Information
        system projects</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Licenses,
        patents and trademarks <SUP>(*)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Goodwill</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Customer relationships</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">650,155</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">547,527</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,468,638</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,211,151</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,877,471</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,626</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,088</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,538</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4,019</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4,019</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Additions</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">31,427</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">952</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">32,379</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,535</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,535</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Disposals <SUP>(***)</SUP></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(58,947</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,507</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(449,109</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(509,563</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Values at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">614,474</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">550,991</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,469,726</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,762,042</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,397,233</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Amortization and impairment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">599,307</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">391,223</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,383,994</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,130,771</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4,505,295</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,496</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,496</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Amortization charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">23,218</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">8,701</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">38,853</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">70,772</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Impairment charge (See note 5)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">680</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">682</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Disposals <SUP>(***)</SUP></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(58,912</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,507</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(449,109</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(509,528</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Accumulated at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">561,119</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">398,417</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,384,674</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,720,515</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,064,725</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">At December 31, 2022</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">53,355</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">152,574</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,085,052</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">41,527</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,332,508</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>Includes Proprietary Technology.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(***) </SUP>Mainly related to fully depreciated assets following the deconsolidation of
a Canadian subsidiary of the 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">The geographical allocation of goodwill for the year ended December 31,
2023 was $<FONT STYLE="color: black">944.2</FONT> million for North America, $<FONT STYLE="color: black">111.0</FONT> million for South
America, $<FONT STYLE="color: black">33.0</FONT> million for Asia Pacific, Middle East &amp; Africa and $<FONT STYLE="color: black">15.5</FONT>
million for Europe.</P>

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

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

<!-- Field: Page; Sequence: 43 -->
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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The carrying amount of goodwill allocated by CGU, as of December 31, 2023,
was as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">(all amounts in millions of U.S. dollars)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Tubes
        Segment</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Other Segment</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">CGU</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Hydril Acquisition</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; background-color: white">Tamsa</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">346</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">19</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">365</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Siderca</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">265</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">93</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">358</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Hydril</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">309</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">309</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; background-color: white">Other</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">58</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">14</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">71</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; background-color: white">Total</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">920</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">170</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">14</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,104</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>13</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Right-of-use assets, net and lease liabilities</B></TD> </TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">Year ended December 31, 2023</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Land and Civil
        Buildings</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Industrial
        Buildings, Plant and Production Equipment</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Vehicles,
        furniture and fixtures</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Others</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: justify; background-color: white">Opening net book amount</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">43,570</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">125,677</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">30,291</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,182</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">200,720</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">99</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">243</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">263</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">605</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">11,803</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">37</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">46</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">11,886</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">13,040</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">30,066</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">15,732</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,486</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">61,324</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">691</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(691</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify; background-color: white">Disposals</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,739</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(7,643</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,424</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(12,806</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify; background-color: white">At December 31, 2023</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">66,464</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">148,380</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">43,217</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,668</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">261,729</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Depreciation</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">18,933</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">52,794</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">17,042</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">210</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">88,979</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">34</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">134</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">200</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">368</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">9,663</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">29,685</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">10,316</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">613</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">50,277</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">691</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(691</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify; background-color: white">Disposals</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,349</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(7,046</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,638</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(10,033</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Accumulated at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">27,972</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">75,567</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">25,229</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">823</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">129,591</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">At December 31, 2023</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">38,492</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">72,813</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">17,988</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,845</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">132,138</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>Related to the GPC and Mattr&rsquo;s pipe coating business
unit acquisitions. For more information see note <FONT STYLE="color: black">34</FONT>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; background-color: white">Year ended December 31, 2022</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Land and Civil
        Buildings</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Industrial
        Buildings, Plant and Production Equipment</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Vehicles,
        furniture and fixtures</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Others</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: justify; background-color: white">Opening net book amount</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">46,082</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">131,816</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">20,256</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">198,154</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">52</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(414</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(417</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(779</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">15,872</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">31,778</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">7,674</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,182</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">56,506</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,166</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,317</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,483</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify; background-color: white">Disposals</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(13,270</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(36,186</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,705</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(53,161</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify; background-color: white">At December 31, 2022</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">43,570</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">125,677</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">30,291</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,182</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">200,720</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Depreciation</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">24,005</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">54,727</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">10,684</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">89,416</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Currency translation adjustment</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(9</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(139</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(251</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(399</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">8,965</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">32,767</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">7,277</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">210</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">49,219</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Transfers / Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(3,974</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,431</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,543</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify; background-color: white">Disposals</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(10,054</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(35,992</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,211</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(49,257</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Accumulated at the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">18,933</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">52,794</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">17,042</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">210</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">88,979</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">At December 31, 2022</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">24,637</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">72,883</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">13,249</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">972</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">111,741</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 44 -->
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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Opening net book amount</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">112,177</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">117,285</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">12,148</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,237</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(3,922</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">61,310</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">56,459</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Cancellations</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,972</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,207</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Repayments <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(54,940</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(55,874</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Interest accrued</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">4,473</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,436</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify; background-color: white">At December 31,</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">134,433</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">112,177</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>Related to the GPC and Mattr&rsquo;s pipe coating business
unit acquisitions. For more information see note <FONT STYLE="color: black">34</FONT>.</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 2023 includes repayments of $<FONT STYLE="color: black">51.5</FONT>
million in capital and $<FONT STYLE="color: black">3.4</FONT> million of interest.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For 2022 includes repayments of $<FONT STYLE="color: black">52.4</FONT>
million in capital and $<FONT STYLE="color: black">3.5</FONT> million of interest.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of December 31, 2023, the amount of remaining payments with maturities
of less than 1 year, between 2 and 5 years and more than 5 years was approximately <FONT STYLE="color: black">28%</FONT>, <FONT STYLE="color: black">45%</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 December 31, 2022, the amount of remaining payments with maturities
of less than 1 year, between 2 and 5 years and more than 5 years was approximately <FONT STYLE="color: black">25%</FONT>, <FONT STYLE="color: black">48%</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">Expenses related to short-term leases, leases of low value assets and variable
leases (included in <I>Cost of sales and Selling, general and administrative expenses</I>) were not material for the years 2023 and 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 35pt; text-align: left"><B>14</B></TD>
    <TD STYLE="width: 5pt"></TD>
    <TD STYLE="text-align: justify"><B>Investments in non-consolidated companies</B></TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,540,646</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,383,774</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">110,801</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">7,336</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Equity in earnings of non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">79,411</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">242,743</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Impairment loss in non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(34,041</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Dividends and distributions declared</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(69,216</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(64,189</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Acquisition of non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">22,661</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Decrease due to step-acquisition</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(23,453</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: white">(Decrease) / increase in equity reserves and others</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(52,046</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,023</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">At the end of the year</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,608,804</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,540,646</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Equity in earnings of non-consolidated companies</I>: Includes a loss
of $25.5 related to the participation increase in Usiminas and does not include $<FONT STYLE="color: black">4.5</FONT> million and $<FONT STYLE="color: black">11.5</FONT>
million related to GPC acquisition since May 17, 2023, which is the date of its consolidation. For more information see note <FONT STYLE="color: black">34</FONT>
&ldquo;Business Combinations - <I>Acquisition of Global Pipe Company</I>&rdquo;.</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>Impairment loss in non-consolidated companies</I>: Includes an impairment
of $19.1 million related to the investment in Usiminas and $14.9 million related to the joint venture with PAO Severstal (&ldquo;Severstal&rdquo;).</P>

<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>Dividends and distributions declared</I>: Related to Ternium and Usiminas.
During 2023 and 2022 $<FONT STYLE="color: black">68.8</FONT> million and $<FONT STYLE="color: black">66.2</FONT> million respectively
were collected.</P>

<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>Acquisition of non-consolidated companies</I>: Related to the investment
in Usiminas.</P>

<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>Decrease due to step-acquisition</I>: Related to GPC acquisition. For
more information see note <FONT STYLE="color: black">34</FONT>.</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">The principal non-consolidated companies are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">% ownership at December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Book value at December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Company</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Country of incorporation</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">a) Ternium <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt">Luxembourg</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: right; background-color: #F2F2F2">11.46</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: right">11.46</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,430,616</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: right">1,363,607</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">b) Usiminas <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Brazil</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3.96</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">3.07</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">123,654</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">109,534</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">c) Techgen</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: white">Mexico</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">22.00</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">22.00</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">53,556</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">41,506</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">d) Global Pipe Company <SUP>(***)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Saudi Arabia</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">57.30</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">35.00</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">23,022</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10pt; font-size: 10pt">Others</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">978</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,977</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,608,804</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,540,646</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(*)</SUP> Including treasury shares.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(**)</SUP> At December 31, 2023 the voting rights were 6.76% and at
December 31, 2022 were 5.19%.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(***)</SUP> Consolidated as from May 17, 2023.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal"><I>a) Ternium</I></FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Ternium is a steel producer with production facilities in Mexico, Brazil,
Argentina, Colombia, the Southern United States and Central America and is one of Tenaris&rsquo;s main suppliers of round steel bars and
flat steel products for its pipes business.</P>

<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 December 31, 2023, the closing price of Ternium&rsquo;s ADSs as quoted
on the New York Stock Exchange was $<FONT STYLE="color: black">42.47</FONT> per ADS, giving Tenaris&rsquo;s ownership stake a market value
of approximately $<FONT STYLE="color: black">975.6</FONT> million. At December 31, 2023, the carrying value of Tenaris&rsquo;s ownership
stake in Ternium, based on Ternium&rsquo;s IFRS Financial Statements, was approximately $<FONT STYLE="color: black">1,430.6</FONT> million.
The Company reviews its participation in Ternium whenever events or circumstances indicate that the asset&rsquo;s carrying amount may
not be recoverable. As of December 31, 2023,&nbsp;the Company concluded that&nbsp;the carrying amount does not exceed the recoverable
value of the investment.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Summarized selected financial information of Ternium, including the aggregated
amounts of assets, liabilities, revenues and profit or loss is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Ternium</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; background-color: white">Non-current assets</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">12,148,560</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,647,510</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: white">Current assets</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">12,030,544</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,844,038</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Total assets</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">24,179,104</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">17,491,548</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Non-current liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,566,643</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,506,325</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: white">Current liabilities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">3,800,602</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,216,832</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Total liabilities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">7,367,245</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">3,723,157</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Total equity</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">16,811,859</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">13,768,391</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Non-controlling interests</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,393,264</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,922,434</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Revenues</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">17,610,092</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">16,414,466</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Gross profit</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,559,355</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3,927,184</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Net income for the year attributable to shareholders' equity</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">676,043</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,767,516</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal"><I>b) Usiminas</I></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">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">At December 31, 2023, the closing price of the Usiminas&rsquo; ordinary
and preferred shares, as quoted on the B3 - Brasil Bolsa Balc&atilde;o S.A, was BRL<FONT STYLE="color: black">9.20</FONT> ($<FONT STYLE="color: black">1.90</FONT>)
and BRL<FONT STYLE="color: black">9.29</FONT> ($<FONT STYLE="color: black">1.92</FONT>), respectively, giving Tenaris&rsquo;s ownership
stake a market value of approximately $<FONT STYLE="color: black">92.7</FONT> million. As of that date, the carrying value of Tenaris&rsquo;s
ownership stake in Usiminas was approximately $<FONT STYLE="color: black">123.7</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">Following the acquisition of shares referred to in note II.B.2).b) and
considering the carrying value of the previously held interest, the price paid for the acquisition of the additional Usiminas shares and
the fair value measurement of the Usiminas shares (conducted at the T/T Group level) the Company recorded a net loss of $25.5 million
included in Equity in (losses) earnings of non-consolidated companies in the Consolidated Income Statement.</P>

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

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

<!-- Field: Page; Sequence: 46 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&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 December 31, 2023, the Company concluded that the carrying
amount did not exceed the recoverable value of the investment.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Summarized selected financial information of Usiminas, including the aggregated
amounts of assets, liabilities, revenues and profit or loss is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Usiminas</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Non-current assets</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,591,763</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: white">3,764,453</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Current assets</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">3,589,129</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">3,901,844</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Total assets</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">8,180,892</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">7,666,297</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,672,676</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">1,671,249</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Current liabilities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,139,031</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">1,033,524</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Total liabilities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,811,706</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">2,704,773</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Total equity</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">5,369,186</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">4,961,524</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Non-controlling interests</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">556,418</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">523,741</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Revenues</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,531,985</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">6,296,964</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Gross profit</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">357,845</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">1,110,439</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Net income for the year attributable to shareholders' equity</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">278,402</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">319,979</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><I>c) Techgen</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen 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 megawatts.
As of December 31, 2023, Tenaris held 22% of Techgen&rsquo;s share capital, and its affiliates, Ternium and Tecpetrol (both controlled
by San Faustin), beneficially owned 48% and 30% respectively. As of December 31, 2023, the carrying value of Tenaris&rsquo;s ownership
stake in Techgen was approximately $<FONT STYLE="color: black">53.6</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"><FONT STYLE="font-weight: normal">Techgen entered into certain transportation
capacity agreements and an agreement for the purchase of clean energy certificates. As of December 31, 2023, Tenaris&rsquo;s exposure
under these agreements amounted to $<FONT STYLE="color: black">39.4</FONT> million and $<FONT STYLE="color: black">16.9</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">Techgen&rsquo;s sponsors granted certain subordinated loans to Techgen.
As of December 31, 2023, the aggregate outstanding principal amount under these subordinated loans was $<FONT STYLE="color: black">281.3</FONT>
million, of which $<FONT STYLE="color: black">61.9</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">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.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The existing syndicated loan agreement is &ldquo;non-recourse&rdquo; 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, Tamsa, 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 December 31, 2023, amounted to $<FONT STYLE="color: black">10.9</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"></P>

<!-- Field: Page; Sequence: 47 -->
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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt"></TD>
    <TD STYLE="width: 14.2pt"><FONT STYLE="letter-spacing: -0.1pt"><I>d)</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>GPC</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">GPC 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. 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. For more information on GPC acquisition
and its accounting treatment see note <FONT STYLE="color: black">34</FONT> &ldquo;Business Combinations - <I>Global Pipe Company acquisition</I>&rdquo;.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&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>Receivables non-current</B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Employee advances and loans</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">7,395</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">11,908</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Tax credits <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">53,483</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">27,333</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Receivables from related parties</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">69,820</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">67,921</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Legal deposits</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">9,355</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9,394</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Advances to suppliers and other advances</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">27,043</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">28,779</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Receivable Venezuelan subsidiaries</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">48,659</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Others</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">18,863</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,726</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">185,959</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">211,720</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> As of December 31, 2023, included approximately $40.6 million
related to ICMS (Tax on Sales and Services) from Brazilian subsidiaries.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of December 31, 2022, included approximately $8 million related to PIS
and COFINS (Federal Social Contributions on Gross Revenues) tax recovery from Brazilian subsidiaries.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">&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>16</B></TD>
    <TD><B>Inventories, net</B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Finished goods</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,401,754</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">1,592,706</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Goods in process</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,068,956</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">936,555</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Raw materials</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">569,837</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">606,977</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Supplies</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">648,443</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">542,636</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Goods in transit</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">441,217</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">530,721</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,130,207</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4,209,595</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Allowance for obsolescence, see note 25 (i)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(209,110</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(222,666</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,921,097</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,986,929</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"></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>17</B></TD>
    <TD><B>Receivables and prepayments, net</B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Prepaid expenses and other receivables</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">104,015</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">47,419</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Government entities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,330</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">18,121</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Employee advances and loans</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">14,316</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">10,701</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Advances to suppliers and other advances</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">48,455</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">41,549</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Government tax refunds on exports</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">8,210</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">8,898</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Receivables from related parties</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,759</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">19,184</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Others</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">50,173</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">41,418</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">232,258</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">187,290</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Allowance for other doubtful accounts, see note
        25 (i)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,439</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,479</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">228,819</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">183,811</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in"><B>18</B></TD>
    <TD><B>Current tax assets and liabilities</B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Current tax assets</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Income tax assets</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">122,257</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">24,812</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">V.A.T. credits</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">132,972</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">218,009</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other prepaid taxes</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,172</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">315</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">256,401</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">243,136</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year
        ended December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; width: 70%">Current tax liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2; width: 12%">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; width: 12%">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Income tax liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">344,565</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">280,469</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">V.A.T. liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">60,047</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">17,228</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other taxes</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">83,665</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">78,543</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">488,277</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">376,240</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">&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>19</B></TD>
    <TD><B>Trade receivables, net</B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Current accounts</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,471,565</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">2,479,035</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Receivables from related parties</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">58,370</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">60,400</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,529,935</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,539,435</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Allowance for doubtful accounts, see note 25 (i)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(49,046</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(45,495</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,480,889</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,493,940</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following table sets forth details of the aging of trade receivables:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">At December 31, 2023</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Trade Receivables</TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Not Due</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Past
        due</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>1 - 180 days</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;&gt; 180 days</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; font-size: 10pt">Guaranteed</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">261,113</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">236,714</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">23,991</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">408</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Not guaranteed</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,268,822</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,613,626</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">590,236</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">64,960</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Guaranteed and not guaranteed</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,529,935</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,850,340</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">614,227</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">65,368</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Expected loss rate</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">0.06</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">0.02</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">0.18</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">0.46</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Allowance for doubtful accounts</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,636</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(312</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,249</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(75</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Nominative allowance for doubtful accounts</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(47,410</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(748</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(46,662</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Net Value</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,480,889</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,850,028</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">612,230</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">18,631</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">At December 31, 2022</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Trade Receivables</TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Not Due</TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Past
        due</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>1 - 180 days</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&gt; 180 days</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; font-size: 10pt">Guaranteed</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">265,898</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">237,784</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">27,431</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">683</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Not guaranteed</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,273,537</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,756,707</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">465,423</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">51,407</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Guaranteed and not guaranteed</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,539,435</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,994,491</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">492,854</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">52,090</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Expected loss rate</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0.06</TD>
    <TD STYLE="font-size: 10pt; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0.03</TD>
    <TD STYLE="font-size: 10pt; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0.18</TD>
    <TD STYLE="font-size: 10pt; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">0.77</TD>
    <TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Allowance for doubtful accounts</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,657</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(654</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(920</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(83</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Nominative allowance for doubtful accounts</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(43,838</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,541</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(42,297</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Net Value</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,493,940</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,993,837</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">490,393</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">9,710</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Trade receivables are mainly denominated in <FONT STYLE="color: black">U.S. dollars.</FONT></P>

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

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

<!-- Field: Page; Sequence: 49 -->
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<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: black">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in"><B>20</B></TD>
    <TD><B>Cash and cash equivalents and other investments</B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Cash at banks</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">370,487</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">149,424</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Liquidity funds</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">223,424</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">422,859</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Short-term investments</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,043,910</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">519,244</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,637,821</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,091,527</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Other investments - current</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Fixed income (time-deposit, zero coupon bonds, commercial papers)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">896,166</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">196,152</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Bonds and other fixed income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">834,281</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">211,953</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Fund investments</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">239,184</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">30,343</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,969,631</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">438,448</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Other investments - non-current</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Bonds and other fixed income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">398,220</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">113,574</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Others</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">7,411</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,328</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">405,631</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">119,902</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in"><B>21</B></TD>
    <TD><B>Borrowings</B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; background-color: white">Non-current</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Bank borrowings</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">48,304</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">46,433</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">48,304</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">46,433</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; background-color: white">Current</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Bank borrowings</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">513,909</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">682,255</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Bank overdrafts</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">21,224</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">94</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Costs of issue of debt</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(20</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">535,133</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">682,329</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Total Borrowings</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">583,437</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">728,762</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The maturity of borrowings is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">At December 31, 2023</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">1 year or less</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">1 - 2 years</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2 &ndash; 3 years</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Over 3 years</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font-size: 10pt; padding-bottom: 1pt; background-color: white">Borrowings</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">535,133</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">46,804</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,500</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">583,437</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total borrowings</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">535,133</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">46,804</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,500</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">583,437</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest to be accrued</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">10,510</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">3,533</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">283</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">14,326</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">545,643</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">50,337</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,783</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">597,763</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">At December 31, 2022</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">1 year or less</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">1 - 2 years</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2 &ndash; 3 years</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Over 3 years</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font-size: 10pt; padding-bottom: 1pt; background-color: white">Borrowings</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">682,329</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">41,933</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,000</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,500</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">728,762</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total borrowings</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">682,329</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">41,933</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,500</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">728,762</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Interest to be accrued <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,153</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">821</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">27,046</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">708,482</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">42,754</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,064</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,508</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">755,808</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"><SUP>(*)</SUP> Includes the effect of hedge accounting.</P>

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

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">&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: 26%"><FONT STYLE="font-size: 10pt">In millions of U.S. dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Disbursement
        date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Borrower</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Type</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Final maturity</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Outstanding</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Tubos de Acero de Mexico S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Bilateral</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">200</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Tenaris Tubocaribe Ltda.</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Bilateral</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Confab Industrial S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Bilateral</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Global Pipe Company</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Bilateral</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">2024 / 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of December 31, 2023, Tenaris was in compliance with all of its covenants,
or obtained the necessary waivers from the applicable financial institution if the covenants were not met.</P>

<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 weighted average interest rates before tax shown below were calculated
using the rates set for each instrument in its corresponding currency as of December 31, 2023 and 2022, considering hedge accounting where
applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">2022</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Total borrowings</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">10.56</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: white">9.45</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">%</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Breakdown of long-term borrowings by currency and rate is as follows:</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I>Non-current borrowings</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Year
        ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; background-color: white">Currency</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">Interest rates</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; font-size: 10pt; background-color: white">USD</TD>
    <TD STYLE="width: 32%; font-size: 10pt; background-color: white">Variable</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">20,000</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: white">20,000</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">SAR</TD>
    <TD STYLE="font-size: 10pt; background-color: white">Fixed</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">23,803</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">18,933</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">SAR</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Variable</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">4,501</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">7,500</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Total non-current borrowings</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">48,304</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">46,433</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Year
        ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; background-color: white">Currency</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">Interest rates</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; font-size: 10pt; background-color: white">USD</TD>
    <TD STYLE="width: 32%; font-size: 10pt; background-color: white">Variable</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">221,008</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: white">200,350</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">USD</TD>
    <TD STYLE="font-size: 10pt; background-color: white">Fixed</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">111,654</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">206,336</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">BRL</TD>
    <TD STYLE="font-size: 10pt; background-color: white">Variable</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">39,947</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">EUR</TD>
    <TD STYLE="font-size: 10pt; background-color: white">Fixed</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">25,104</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">26,829</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">MXN</TD>
    <TD STYLE="font-size: 10pt; background-color: white">Fixed</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">141,802</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">ARS</TD>
    <TD STYLE="font-size: 10pt; background-color: white">Fixed</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">23,462</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">74,025</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">SAR</TD>
    <TD STYLE="font-size: 10pt; background-color: white">Variable</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,035</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">3,023</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">SAR</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Fixed</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">110,923</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">29,964</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Total current borrowings</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">535,133</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">682,329</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31, 2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">Non-current</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: rgb(242,242,242)">Current</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">46,433</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">682,329</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">45</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(74,851</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds and repayments, net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">20,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(231,797</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Interests accrued less payments</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">11</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,702</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(18,185</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">18,185</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Increase due to business combinations <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">122,839</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Overdrafts variation</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">21,130</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">At the end of the year</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">48,304</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">535,133</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(*) </SUP>Related to the GPC acquisition, for more information see note <FONT STYLE="color: black">34</FONT>
to these Consolidated Financial Statements.</P>

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

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

<!-- Field: Page; Sequence: 51 -->
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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;<BR STYLE="clear: both"> </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>22</B></TD>
    <TD><B>Deferred tax assets and liabilities</B></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Deferred income taxes are calculated in full on temporary differences under the liability method
using the tax rate of each country.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The evolution of deferred tax assets and liabilities during the year is as follows:</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I>Deferred tax liabilities</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Fixed
        assets</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Inventories</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Intangible
        assets and other</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">575,667</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">43,532</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">114,542</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">733,741</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">41</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">113</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">397</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">551</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,175</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">7,563</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,498</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">17,236</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Charged to other comprehensive income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">138</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">138</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Income statement charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">38,991</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">63,127</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">39,627</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">141,745</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; background-color: white">At December 31, 2023</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">618,874</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">114,335</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">160,202</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">893,411</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Fixed
        assets</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Inventories</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Intangible
        assets and other</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">669,830</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">27,508</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">104,346</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">801,684</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(64</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">15</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">600</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">551</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Charged to other comprehensive income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,719</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,719</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Income statement (credit) / charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(94,099</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,009</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,877</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(70,213</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; background-color: white">At December 31, 2022</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">575,667</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">43,532</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">114,542</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">733,741</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I>Deferred tax assets</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Provisions
        and allowances</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Inventories</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Tax
        losses</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Other</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">(25,817</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(180,152</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(310,589</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(156,984</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(673,542</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(6</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(24</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(611</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(640</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,374</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(223</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,875</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(35,941</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(39,413</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Charged to other comprehensive income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,342</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,342</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Income statement (credit) / charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,314</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(18,620</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(322,431</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">9,881</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(335,484</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; background-color: white">At December 31, 2023</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(31,511</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(199,019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(634,894</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(185,997</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,051,421</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Provisions
        and allowances</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Inventories</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Tax
        losses</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Other</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Total</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right">(25,083</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right">(85,037</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right">(485,763</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right">(176,627</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right">(772,510</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(345</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">114</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">747</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(245</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">271</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Charged to other comprehensive income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">954</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">954</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Income statement charge / (credit)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(389</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(95,229</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">174,427</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,934</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">97,743</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; background-color: white">At December 31, 2022</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(25,817</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(180,152</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(310,589</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(156,984</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(673,542</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(*) </SUP>Related to the GPC, Isoplus anticorrosion coating division and Mattr&rsquo;s
pipe coating business unit acquisitions. For more information see note <FONT STYLE="color: black">34</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">Deferred tax assets related to tax losses of Tenaris subsidiaries are recognized
to the extent it is probable that future taxable profits will be available, against which such losses can be utilized. The utilization
of such tax losses may also be restricted by the nature of the profit, expiration dates and / or potential limitations on their yearly
consumption. In determining the amount of deferred taxes to be recognized, Tenaris considered existing evidence, both positive and negative,
including the historical taxable profits and the projections of future taxable profits prepared by management to assess the probability
that the deferred tax assets will be realized. Management applies significant judgment in assessing the likelihood that future taxable
profits will be available.</P>

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

<!-- Field: Page; Sequence: 52 -->
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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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets related to tax losses as of the end of 2023 include
$<FONT STYLE="color: black">550.3</FONT> million recognized in its Luxembourg subsidiary mainly due to impairment charges over certain
undertakings in the past years. Under the Luxembourg tax law, tax losses generated before 2017 can be carried forward indefinitely and
are not subject to any yearly consumption limitation. Losses incurred as from 2017 may be carried forward for a maximum of 17 years.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris has concluded as of end 2023 that it is probable that sufficient
future taxable profits will be generated by business activities to be carried out by its Luxembourg subsidiary, against which the above-mentioned
tax losses could be utilized prior to their expiration.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets related to tax losses also include $<FONT STYLE="color: black">77.9</FONT>
million related to U.S. subsidiaries mainly due to the recognition of accelerated fiscal depreciations, as well as the amounts related
to the acquisition of IPSCO in 2020. Tenaris has concluded that these deferred tax assets will be recoverable based on the business plans
and budgets.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Approximately <FONT STYLE="color: black">99%</FONT> of the recognized tax
losses have an expiration date in more than 5 years or do not expire.</P>

<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 December 31, 2023, the net unrecognized deferred tax assets amounted
to $<FONT STYLE="color: black">3,130.0</FONT> million. Approximately <FONT STYLE="color: black">99%</FONT> of the unrecognized tax losses
have an expiration date in more than 5 years or do not expire.</P>

<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 estimated recovery analysis of deferred tax assets and settlement of
deferred tax liabilities, which takes into consideration management assumptions and estimates, is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Deferred tax assets to be recovered after 12 months</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(655,415</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: white">(171,717</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Deferred tax liabilities to be settled after 12 months</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">689,976</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white">688,124</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred income tax assets and liabilities are offset when (1) there is
a legally enforceable right to set-off current tax assets against current tax liabilities and (2) when the deferred income taxes relate
to the same fiscal authority on either the same taxable entity or different taxable entities where there is an intention to settle the
balances on a net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial
Position:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Deferred tax assets</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(789,615</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">(208,870</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Deferred tax liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">631,605</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">269,069</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(158,010</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">60,199</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The movement in the net deferred income tax (asset) / liability account
is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">60,199</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">29,174</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(89</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">822</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(22,177</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Charged to other comprehensive income</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,204</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,673</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Income statement (credit) / charge</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(193,739</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">27,530</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">At the end of the year</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(158,010</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">60,199</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(*) </SUP>Related to the GPC, Isoplus anticorrosion coating division and Mattr&rsquo;s
pipe coating business unit acquisitions. For more information see note <FONT STYLE="color: black">34</FONT>.</P>

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

<!-- Field: Page; Sequence: 53 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in"><B>23</B></TD>
    <TD><B>Other liabilities</B></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt"><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: 0pt"></TD>
    <TD STYLE="width: 35.45pt"><B><I>(i)</I></B></TD>
    <TD><B><I>Other liabilities &ndash; Non-current</I></B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Post-employment benefits</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">117,506</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">108,936</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Other long-term benefits</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">91,435</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">71,446</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Miscellaneous</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">62,327</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">49,760</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">271,268</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">230,142</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">At December 31, 2023 the weighted average duration of liabilities related to post-employment
benefits was <FONT STYLE="color: black">6</FONT> years.&#9;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Unfunded</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">112,532</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">103,822</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Funded</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">4,974</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,114</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">117,506</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">108,936</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt"><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: 4.5pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD><B>Unfunded</B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">103,822</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">103,841</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Current service cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">6,537</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,810</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Interest cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">11,707</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">7,610</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Curtailments and settlements</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(675</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(64</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white"><FONT STYLE="font-size: 10pt">Remeasurements <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">8,899</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(4,228</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(12,687</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,657</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,531</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Benefits paid from the plan</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(8,762</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,111</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Reclassified to current liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(461</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Other</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(840</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,082</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">At the end of the year</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">112,532</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">103,822</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> For 2023 a loss of $<FONT STYLE="color: black">0.6</FONT>
million is attributable to demographic assumptions and a loss of $<FONT STYLE="color: black">8.3</FONT> million to financial assumptions.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For 2022 a gain of $<FONT STYLE="color: black">0.1</FONT> million is attributable
to demographic assumptions and a gain of $<FONT STYLE="color: black">4.1</FONT> million to financial assumptions.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(**) </SUP>Related to the GPC, Isoplus anticorrosion coating division and Mattr&rsquo;s
pipe coating business unit acquisitions. For more information see note <FONT STYLE="color: black">34</FONT>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The actuarial assumptions for the most relevant plans were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year
        ended December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Discount rate</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">3% - 7%</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">4% - 7%</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Rate of compensation increase</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">2% - 5%</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">2% - 3%</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt">&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">As of December 31, 2023, an increase / (decrease) of 1% in the discount
rate assumption of the main plans would have generated a (decrease) / increase on the defined benefit obligation of $<FONT STYLE="color: black">5.6</FONT>
million and $<FONT STYLE="color: black">5.0</FONT> million respectively, and an increase / (decrease) of 1% in the rate of compensation
assumption of the main plans would have generated an increase / (decrease) impact on the defined benefit obligation of $<FONT STYLE="color: black">2.7</FONT>
million and $<FONT STYLE="color: black">2.9</FONT> million respectively. The above sensitivity analyses are based on a change in discount
rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some
of the assumptions may be correlated.</P>

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

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

<!-- Field: Page; Sequence: 54 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.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"><B></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: 4.5pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD><B>Funded</B></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal">The amounts recognized
in the statement of financial position for the current annual period and the previous annual period are as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Present value of funded obligations</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">123,234</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">116,617</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Fair value of plan assets</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(134,052</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(126,842</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Asset (*)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(10,818</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(10,225</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal"><SUP>(*)</SUP> In
2023 and 2022, $<FONT STYLE="color: black">15.8</FONT> million and $<FONT STYLE="color: black">15.3</FONT> million corresponding to plans
with surplus balances that were reclassified within other non-current assets, respectively, consequently the net post-employment benefits
funded exposed as liabilities amounted to $<FONT STYLE="color: black">5.0</FONT> million and $<FONT STYLE="color: black">5.1</FONT> million
respectively.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The movement in the present value of funded obligations is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">116,617</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">159,528</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,940</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(6,635</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Current service cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">154</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Interest cost</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,715</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4,293</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Remeasurements <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,142</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(30,349</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,708</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Benefits paid</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(8,459</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(10,374</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Other</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">571</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the year</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">123,234</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">116,617</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> For 2023 a loss of $<FONT STYLE="color: black">0.9</FONT>
million is attributable to demographic assumptions and a loss of $<FONT STYLE="color: black">1.3</FONT> million to financial assumptions.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For 2022 a gain of $<FONT STYLE="color: black">4.8</FONT> million is attributable
to demographic assumptions and a gain of $<FONT STYLE="color: black">25.6</FONT> million to financial assumptions.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(**) </SUP>Related to Mattr&rsquo;s pipe coating business unit acquisition. For more information
see note <FONT STYLE="color: black">34</FONT>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The movement in the fair value of plan assets is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(126,842</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">(160,504</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,897</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6,639</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Return on plan assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(6,121</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(4,319</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Remeasurements</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,225</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">20,987</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,903</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Contributions paid to the plan</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(435</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Benefits paid from the plan</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">8,459</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">10,374</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Other</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">477</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">416</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">At the end of the year</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(134,052</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(126,842</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(*) </SUP>Related to Mattr&rsquo;s pipe coating business unit acquisitions. For more information
see note <FONT STYLE="color: black">34</FONT>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The major categories of plan assets as a percentage of total plan assets are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Equity instruments</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">18.0</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">28.8</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Debt instruments</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">32.5</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">67.2</TD>
    <TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Others</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">49.3</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4.0</TD>
    <TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 55 -->
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    <!-- Field: /Page -->

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The actuarial assumptions for the most relevant plans were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year
        ended December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Discount rate</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">5% - 5%</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">3% - 5%</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Rate of compensation increase</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">0% - 3%</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0% - 3%</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The expected return on plan assets is determined by considering the expected
returns available on the assets underlying the current investment policy. Expected return on plan assets is determined based on long-term,
prospective rates of return as of the end of the reporting 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">As of December 31, 2023, an increase / (decrease) of 1% in the discount
rate assumption of the main plans would have generated a (decrease) / increase on the defined benefit obligation of $<FONT STYLE="color: black">11.7</FONT>
million and $<FONT STYLE="color: black">9.9</FONT> million respectively, and an increase / (decrease) of 1% in the compensation rate assumption
of the main plans would have generated an increase / (decrease) on the defined benefit obligation of $<FONT STYLE="color: black">0.7</FONT>
million and $<FONT STYLE="color: black">0.8</FONT> million respectively. The above sensitivity analyses are based on a change in discount
rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some
of the assumptions may be correlated.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The expected employer contributions for the year 2024 are not material.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The methods and types of assumptions used in preparing the sensitivity
analyses did not change compared to the previous period.</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><B><I>Other liabilities &ndash; Current</I></B></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Payroll and social security payable</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">301,213</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">224,630</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Shares to be settled under buyback program</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">86,240</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Miscellaneous</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">35,192</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">35,984</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">422,645</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">260,614</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"></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>24</B></TD>
    <TD><B>Non-current allowances and provisions</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"><B><I>Liabilities</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">98,126</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">83,556</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,260</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">357</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,500</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Additional allowance</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,901</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">11,102</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(164</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2,229</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Used and other movements</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,170</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">882</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Values at the end of the year</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">101,453</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">98,126</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(*) </SUP>Related to Mattr&rsquo;s pipe coating business unit acquisition. For more information
see note <FONT STYLE="color: black">34</FONT>.</P>

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

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

<!-- Field: Page; Sequence: 56 -->
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    <!-- Field: /Page -->

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

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

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

<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: 0.5in"><B>25</B></TD>
    <TD><B>Current allowances and provisions</B></TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold"><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;Deducted
from assets</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 10pt; font-weight: bold">Year ended December 31, 2023</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Allowance
        for doubtful accounts - Trade receivables</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Allowance
        for other doubtful accounts - Other receivables</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Allowance
        for inventory obsolescence</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left; background-color: white">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">(45,495</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,479</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(222,666</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(128</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(88</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(452</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(899</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(9,179</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">(Additional) allowances</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,590</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(107</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(13,581</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Used</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,066</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">235</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">36,768</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2023</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(49,046</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(3,439</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(209,110</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(*) </SUP>Related to the GPC, Isoplus anticorrosion coating division and Mattr&rsquo;s
pipe coating business unit acquisitions. For more information see note <FONT STYLE="color: black">34</FONT>.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 10pt; font-weight: bold">Year ended December 31, 2022</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Allowance
        for doubtful accounts - Trade receivables</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Allowance
        for other doubtful accounts - Other receivables</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Allowance
        for inventory obsolescence</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left; background-color: white">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right">(47,120</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right">(3,206</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right">(245,774</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(12</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">68</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(405</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">(Additional) / reversal allowances</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">223</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(346</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(24,901</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Used</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,414</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">48,414</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2022</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(45,495</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(3,479</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(222,666</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold"><I>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;Liabilities</I></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 10pt; font-weight: bold">Year ended December 31, 2023</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Sales risks</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other
        claims and contingencies <SUP>(*)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left; background-color: white">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)">3,186</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: #F2F2F2">7,999</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: #F2F2F2">11,185</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">285</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(208</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">77</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations
        <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,317</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,317</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Additional provisions</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">30,057</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">6,941</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">36,998</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">164</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">164</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Used</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(13,588</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,194</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(17,782</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; background-color: white">At December 31, 2023</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">19,940</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">16,019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">35,959</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 10pt; font-weight: bold">Year ended December 31, 2022</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Sales risks</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other
        claims and contingencies <SUP>(*)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left; background-color: white">Values at the beginning of the year</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right">1,468</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right">7,854</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right">9,322</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(160</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(97</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(257</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Additional provisions</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5,315</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4,189</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9,504</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Reclassifications</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,229</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,229</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white">Used</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,437</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,718</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,155</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; background-color: white">At December 31, 2022</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,186</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,999</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,185</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Other claims and contingencies mainly include lawsuits and
other legal proceedings, including employee, tax and environmental-related claims.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><SUP>(**) </SUP>Related to Mattr&rsquo;s pipe coating business unit acquisition. For more information
see note <FONT STYLE="color: black">34</FONT>.</P>

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

<!-- Field: Page; Sequence: 57 -->
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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><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>26</B></TD>
    <TD><B>Derivative financial instruments </B></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic"><B>Net fair values of derivative financial instruments</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The net fair values of derivative financial instruments, in accordance
with IFRS 13, are:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Derivatives hedging borrowings and investments</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: white">6,480</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other derivatives</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">9,801</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">24,325</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Contracts with positive fair values</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">9,801</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">30,805</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other derivatives</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(11,150</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(7,127</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Contracts with negative fair values</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(11,150</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(7,127</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,349</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">23,678</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"><I>Foreign exchange and commodities derivative contracts
and hedge accounting</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"><FONT STYLE="letter-spacing: -0.1pt">Tenaris applies hedge accounting to
certain cash flow hedges of highly probable forecast transactions. </FONT>The net fair values of exchange rate derivatives and those derivatives
that were designated for hedge accounting as of December 31, 2023 and 2022 were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">
        <P STYLE="margin: 0pt 0; font-size: 10pt"><B>Purchase currency</B></P><B></B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;Sell currency</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;Term</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>Fair Value</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>Hedge Accounting Reserve</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>2023</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>2023</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">MXN</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,571</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">(67</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">MXN</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,125</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">EUR</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,557</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,866</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">624</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,786</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">EUR</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2024 / 2025</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,966</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">20,783</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">7,142</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">23,935</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,009</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,490</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">KWD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(50</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(129</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(388</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">CAD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(836</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">404</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">GBP</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(51</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(11</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">CNY</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(335</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(242</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">501</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">RON</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">261</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">50</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">USD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">49</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">223</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">49</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2024</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(49</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,554</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">27,038</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">7,928</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">21,085</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;Commodity Derivatives</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;Term</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>Fair Value</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">
        <P STYLE="margin: 0pt 0; font-size: 10pt"><B>Hedge Accounting Reserve</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>2023</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>2023</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; font-size: 10pt; text-align: left">Houston Ship Channel Gas</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 10pt; text-align: right">2024</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(231</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">(814</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(231</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">(814</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">LME Scrap</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,376</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">29</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,376</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(3,148</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Iron Ore</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">12</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,274</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Electric Energy</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(340</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(519</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(340</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(519</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">TTF Gas</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,068</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(2,207</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">PSV Gas</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2024</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,566</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,566</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">Nickel</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2024</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,966</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,966</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; background-color: white">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">205</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(3,360</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">205</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(7,963</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><FONT STYLE="font-style: normal">Following is a summary
of the hedge reserve evolution:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Equity Reserve <BR> Dec-2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Movements 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Equity Reserve <BR> Dec-2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: rgb(242,242,242)">Movements
        2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">Equity Reserve
        <BR> Dec-2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Foreign Exchange &amp; Commodities</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,259</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,863</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,122</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,989</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">8,133</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Cash flow Hedge</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,259</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,863</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">13,122</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(4,989</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">8,133</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Tenaris estimates that the majority of
the cash flow hedge reserve corresponding to derivatives instruments at December 31, 2023 will be recycled to the Consolidated Income
Statement during 2024. For information on hedge accounting reserve, see section III.D to these Consolidated Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">&nbsp;</FONT> <B><BR STYLE="clear: both">
</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in"><B>27</B></TD>
    <TD STYLE="text-align: justify"><B>Contingencies, commitments and restrictions on the distribution of profits</B></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"><B><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;Contingencies</I></B></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">Tenaris is from time to time subject to various claims, lawsuits and other
legal proceedings, including customer, employee, tax and environmental-related claims, in which third parties are seeking payment for
alleged damages, reimbursement for losses, or indemnity. Management, with the assistance of legal counsel, periodically reviews the status
of each significant matter and assesses potential financial exposure.</P>

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

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

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

<P STYLE="margin: 0pt 0 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 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 Financial Statements. In addition, the Company is subject to other legal proceedings,
none of which is believed to be material.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14.2pt"></TD>
    <TD STYLE="width: 17.3pt"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.1pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>CSN claims relating to the January 2012 acquisition of Usiminas</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; 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"></P>

<!-- Field: Page; Sequence: 59 -->
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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><BR STYLE="clear: both"> </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 BRL<FONT STYLE="color: black">900.4</FONT> million (approximately $<FONT STYLE="color: black">186.0</FONT>
million at the BRL/$ rate as of such 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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14.2pt"></TD>
    <TD STYLE="width: 17.3pt"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.1pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>Veracel celulose accident litigation</I></FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">&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">&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 BRL100.6 million (approximately $<FONT STYLE="color: black">20.8</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">86.4</FONT> million (approximately $<FONT STYLE="color: black">17.8</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 0pt 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I></I></FONT></P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I></I></FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>&nbsp;</I></FONT></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; letter-spacing: -0.1pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>Petrobras-related proceedings and claims</I></FONT></TD></TR>
  </TABLE>

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

<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 first hearing with respect to the appeal is scheduled to be held on February 22, 2024.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&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 December 31, 2023, the aggregate amount of these claims was estimated at BRL<FONT STYLE="color: black">322.2</FONT>
million (or approximately $<FONT STYLE="color: black">66.6</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14.2pt"></TD>
    <TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.1pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>Putative class actions</I></FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">Following the Company&rsquo;s November 27, 2018,
announcement that its Chairman and CEO Paolo Rocca had been included in an Argentine court investigation known as the Notebooks Case (a
decision subsequently reversed by a higher court), two putative class action complaints were filed in the U.S. District Court for the
Eastern District of New York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &ldquo;In re Tenaris
S.A. Securities Litigation&rdquo;, and appointed lead plaintiffs and lead counsel.&nbsp;</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14.2pt"></TD>
    <TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.1pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>Administrative proceeding concerning Brazilian tax credits</I></FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Confab is a party to an administrative proceeding concerning the recognition
and transfer of tax credits for an amount allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer.
The proceeding resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly undue credits, which
was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&rsquo;s appeal, thereby
upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision. Special
appeals were filed by Confab in July 2023 and by the Brazilian General Tax Attorney (&ldquo;PGFN&rdquo;) in September 2023. The parties
are 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">60.7</FONT> million (approximately $<FONT STYLE="color: black">12.5</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14.2pt"></TD>
    <TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.1pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>U.S. patent infringement litigation</I></FONT></TD></TR>
  </TABLE>

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

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

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

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    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14.2pt"></TD>
    <TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.1pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><I>U.S. Antidumping Duty Investigations</I></FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></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">&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">Consistent with local practice in certain Middle East countries, Tenaris
Global Services S.A. (&ldquo;TGSU&rdquo;), a 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. Subsequent events led to onerous increases in prices and delays
to supply the materials and, after lengthy discussions, the customer recently agreed to partially recognize such increased costs. However,
negotiations remain ongoing between the parties with respect to other items. 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 the dispute escalates.</P>

<P STYLE="color: #212121; font-size: 10pt; text-align: justify; margin: 0pt 0">&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"><FONT STYLE="letter-spacing: -0.1pt"><B><I>(ii)</I></B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B><I>Commitments and guarantees</I></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">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 December 31, 2023, the aggregate amount to take or pay the committed volumes for an original 14-year term totaled
        approximately $<FONT STYLE="color: black">32.7</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 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 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 December 31, 2023, the estimated aggregate contract amount
        calculated at current prices, was approximately $<FONT STYLE="color: black">73.7</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-top: 0; margin-bottom: 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<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 would be no minimum yearly purchase requirement for the OCTG product category for the year ended December 31, 2022, and there would
        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 it committed
        to purchase steel coils for a remaining 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. Such contract foresees a penalty for a maximum
        amount of $<FONT STYLE="color: black">30.9</FONT> million in case of early termination.</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">14</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">3.6</FONT> billion as of December 31, 2023.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;<FONT STYLE="color: black; letter-spacing: -0.1pt">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"><FONT STYLE="letter-spacing: -0.1pt"><B><I>&nbsp;</I></B></FONT></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 December 31, 2023, this reserve is fully allocated and additional
allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT>.</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: 0.5in"><B>28</B></TD>
    <TD STYLE="text-align: justify"><B>Cancellation of title deed in Saudi Steel Pipe Company</B></TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 64 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<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"><FONT STYLE="letter-spacing: -0.1pt"><B>29</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>Foreign exchange control measures in Argentina</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Between September 2019 and December 13, 2023, the Argentine government
imposed significant restrictions on foreign exchange transactions. Although after a new administration took office in Argentina in December
2023 certain restrictions were eased and other changes to such regulations are expected, at the date of these Consolidated Financial Statements
the application of existing foreign exchange regulations remains uncertain, and the scope and timing of upcoming changes remain unknown.
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: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><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
        (&ldquo;MULC&rdquo;) 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. Foreign currency proceeds from exports of services
        must be sold into the MULC and converted into Argentine pesos within five business days of collection. As from December 13, 2023, up to
        20% of export proceeds can be sold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate, as
        described further below. This percentage has changed and is expected to change over time.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Access to the MULC to pay for imports of services rendered by related and non-related parties (including royalties)
        on or before&nbsp;December 12, 2023, is subject to Argentine Central Bank approval. Currently, these approvals are rarely, if ever, granted.
        Access to the MULC to pay for imports of services that were rendered or accrued as from December 13, 2023, does not require government
        approval, but payment is deferred 30 calendar days as from the date of supply or accrual of the service (if the service was rendered by
        a non-related party) or 180 calendar days (if rendered by a related party).</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Access to the MULC to pay for imports of goods is subject to several restrictions. For example, advance payments
        or at sight cannot be made. In addition:</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: 31.65pt"></TD>
    <TD STYLE="width: 18pt">-</TD>
    <TD STYLE="text-align: justify">Access to the MULC to pay for imports of goods that obtained customs clearance on or before December 12, 2023
        requires the prior Argentine Central Bank approval. The Argentine Central Bank is currently issuing newly created Bonds (&ldquo;BOPREALs&rdquo;)
        with a maturity of 4 years (i.e., maturing in 2027) that can only be purchased in Argentine Pesos in primary offerings by debtors of any
        such import debts; such bonds can then be sold for a price payable in foreign currency that can be subsequently used to pay suppliers
        without subjecting the importer to any restriction to enter into any other foreign exchange transaction in the MULC. A secondary market
        for the BOPREALs is still in formation. In addition, from April 1, 2024 any such importer who purchased BOPREALs in primary offerings
        may enter into the securities transactions described below to obtain foreign currency (for an amount that does not exceed the difference
        in USD between the nominal value of the bonds and their market prices) and use such foreign currency to pay the above-mentioned import
        debts, without subjecting the importer to any restriction to enter into any other foreign exchange transaction in the MULC.</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: 31.65pt"></TD>
    <TD STYLE="width: 18pt">-</TD>
    <TD STYLE="text-align: justify">Access to the MULC to pay for imports that have obtained customs clearance as from December 13, 2023, does
        not require government approval but, it requires that the price is paid in four equal instalments payable on the 30<SUP>th</SUP>, 60<SUP>th</SUP>,
        90<SUP>th</SUP> and 120<SUP>th</SUP> day counted from the customs clearance of the good imported.</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: 17.45pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">Access to the MULC to make dividend payments requires prior Argentine Central Bank approval. When required,
        Argentine Central Bank approvals are rarely, if ever, granted.</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The above-described measures substantially limit the ability of Argentine
companies to obtain foreign currency and make certain payments and distributions out of Argentina through the MULC at the 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">Access to foreign currency and transfers out of Argentina can be achieved,
however, through securities transactions involving bonds or shares with multiple listings, resulting in a different implicit exchange
rate, generally higher than the official exchange rate. 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, in the
past, the Argentine Securities Commission 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. The new Argentine Securities Commission&rsquo;s authorities has loosened certain of such limitations, although
it is not clear if it will further eliminate or loosen remaining restrictions.</P>

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

<!-- Field: Page; Sequence: 65 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.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">&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 that, 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 the distribution date, was approximately $174.1 million, the Company
recorded a negative equity reserve (FVOCI). Subsequently, the valuation of such bonds in the international market increased. With the
disposal of a portion of these instruments, the Company partially reclassified such reserve to financial results. The FVOCI as of December
31, 2023, amounted to approximately $13.1 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The exchange rate of the Argentine peso against the U.S. dollar devaluated
by more than 100% upon the change of government. Tenaris&rsquo;s financial position in Argentine pesos as of December 31, 2023, amounted
to a net <FONT STYLE="color: black">short</FONT> exposure of approximately $<FONT STYLE="color: black">135</FONT> million. In the event
of an additional devaluation, our Argentine subsidiaries, which hold U.S. dollar-denominated Argentine bonds for an aggregated value of
$208.6 million, may be adversely affected, and will also suffer a loss on deferred tax charge as a result of a deterioration on the tax
value of their fixed assets. At this time, the Company is unable to estimate all impacts of a new 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 December 31, 2023, the total equity of Argentine subsidiaries represented
approximately <FONT STYLE="color: black">9%</FONT> of Tenaris&rsquo;s total equity and the sales made by Argentine subsidiaries during
the year ended December 31, 2023, amounted approximately to <FONT STYLE="color: black">22%</FONT> of Tenaris&rsquo;s total sales. Assets
and liabilities denominated in Argentine peso as of December 31, 2023, are 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 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. These Consolidated Financial Statements should be read taking into account these circumstances.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in">30</TD>
    <TD STYLE="text-align: justify">Cash flow disclosures</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="background-color: White; vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">
        <P STYLE="margin: 0pt 0; font-size: 10pt">Year ended December 31,</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">(i)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Changes in working capital <SUP>(*)</SUP></B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD> </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 55%; font-size: 10pt">Inventories</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: #F2F2F2">186,903</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right">(1,329,865</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 11%">(1,085,024</TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Receivables and prepayments and current tax assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">64,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(155,449</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(79,912</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Trade receivables</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">153,920</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(1,208,278</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(356,069</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Other liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">28,275</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">57,389</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4,892</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Customer advances</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(101,646</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">151,066</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">44,661</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Trade payables</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(149,024</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">353,892</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">399,988</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">182,428</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,131,245</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,071,464</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income tax accruals less payments</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Tax accrued</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">674,956</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">617,236</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">189,448</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Taxes paid</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(818,347</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(359,585</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(153,846</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(143,391</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">257,651</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">35,602</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Interest accruals less payments, net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Interest accrued, net</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(106,612</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(34,080</TD>
    <TD STYLE="font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(14,371</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Interest received</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">147,473</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">68,335</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">24,567</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest paid</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(94,341</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(32,775</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21,559</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(53,480</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,480</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(11,363</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>)</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>Changes in working capital do not include non-cash movements
due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.</P>

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in">31</TD>
    <TD STYLE="text-align: justify">Related party transactions</TD></TR>
  </TABLE>

<P STYLE="color: #003366; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: -21.3pt; margin: 0pt 0 0pt 21.3pt"></P>

<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 December 31, 2023:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">San Faustin owned 713,605,187 shares in the Company, representing 60.45% of the Company&rsquo;s capital and
        <FONT STYLE="color: black">61.10%</FONT> of the 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: 0"></TD>
    <TD STYLE="width: 0.25in"><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, a Luxembourg
        <I>soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e</I>, who is the holder of record of the above-mentioned Tenaris
        shares.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.25in"><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 (<I>Stichting</I>) (&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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.25in"><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">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="background-color: White; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><B>(i)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Transactions</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">(a) Sales of goods
        and services</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Sales of goods to associated
        companies</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">56,152</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">100,019</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">71,879</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Sales of goods to other related parties</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">121,679</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">151,884</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">76,467</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Sales of services to associated companies</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">1,564</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">1,472</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,164</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Sales of services to joint ventures</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">135</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">131</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">130</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 10pt">Sales of services
        to other related parties</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">109,553</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">109,123</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">49,268</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">289,083</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">362,629</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">198,908</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">(b) Purchases of goods
        and services</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Purchases of goods to associated companies</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">324,556</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">555,257</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">225,319</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Purchases of goods to joint ventures</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">72,741</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">101,620</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">69,610</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Purchases of goods to other related parties</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">61,366</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">51,040</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32,453</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Purchases of services to associated companies</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">13,349</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">13,759</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">9,763</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 10pt">Purchases of services
        to other related parties</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">76,751</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">36,767</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13,806</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">548,763</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">758,443</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">350,951</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">(c) Financial Results</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 10pt">Income from joint
        ventures</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">5,645</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">3,804</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2,867</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">5,645</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,804</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,867</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">(d) Dividends</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Dividends received from associated companies</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">69,216</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">64,189</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">78,926</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Dividends distributed to Techint Holdings
        S.&agrave;r.l.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">385,347</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">321,122</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">192,673</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 67 -->
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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="background-color: White; vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">
        <P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">
        <P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></P> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">
        <P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><B>(ii)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; background-color: white"><FONT STYLE="font-size: 10pt"><B>Period-end balances</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; background-color: white"><FONT STYLE="font-size: 10pt">(a) Arising from sales / purchases of
        goods / services</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 69%; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Receivables from associated
        companies</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">7,589</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">9,012</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Receivables from joint ventures</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">63,374</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">60,123</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Receivables from other related parties</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">62,986</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">78,370</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Payables to associated companies</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(21,012</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(113,738</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Payables to joint ventures</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(28,361</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(28,490</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 10pt">Payables to other
        related parties</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(11,488</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(13,283</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">73,088</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,006</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">(b) Financial debt</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Finance lease liabilities from associated
        companies</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(1,459</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(1,650</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Finance lease liabilities from other related
        parties</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(375</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(483</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(1,834</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(2,133</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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, please see note <FONT STYLE="color: black">14</FONT> (c and d) and note <FONT STYLE="color: black">27</FONT>
(ii) to these Consolidated Financial Statements. 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; font-weight: bold; text-align: justify; text-indent: 0in"><I>Directors and senior management
compensation</I></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">During the years ended December 31, 2023, 2022 and 2021, the cash compensation
of Directors and Senior managers amounted to $<FONT STYLE="color: black">47.5</FONT> million, $<FONT STYLE="color: black">35.2</FONT>
million and $<FONT STYLE="color: black">37.7</FONT> million respectively. These amounts include cash benefits paid to certain senior managers
in connection with the pre-existing retirement plans. In addition, Directors and Senior managers received <FONT STYLE="color: black">388</FONT>,
<FONT STYLE="color: black">437</FONT> and <FONT STYLE="color: black">382</FONT> thousand units for a total amount of $<FONT STYLE="color: black">5.6</FONT>
million, $<FONT STYLE="color: black">5.1</FONT> million and $<FONT STYLE="color: black">3.9</FONT> million respectively in connection
with the Employee retention and long-term incentive program mentioned in note II.P.3 &ldquo;Employee benefits &ndash; <I>Other long-term
benefits&rdquo;</I> to these Consolidated Financial Statements.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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>32</B></TD>
    <TD STYLE="text-align: justify"><B>Principal accountant&nbsp;fees</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">Total fees accrued for professional services rendered by PwC Network firms
to Tenaris S.A. and its subsidiaries are detailed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">Year
        ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Audit fees</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right; background-color: #F2F2F2">4,386</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right">3,966</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right">3,804</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Audit-related fees</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">273</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">255</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">220</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Tax fees</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">148</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">All other fees</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">14</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; background-color: white">Total</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,821</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,232</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,029</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition, PwC Network firms rendered $242 thousand for tax services
to the recently acquired Mattr&rsquo;s pipe coating business unit.</P>

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

<!-- Field: Page; Sequence: 68 -->
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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"><I>&nbsp;</I></P>

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

<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>33</B></TD>
    <TD STYLE="text-align: justify"><B>Principal subsidiaries</B></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I></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 following is a list of Tenaris&rsquo;s principal subsidiaries and its
direct and indirect percentage of ownership of each controlled company at December 31, 2023.</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 ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Company</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Country of Incorporation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Main activity</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage of ownership at December
        31, <SUP>(*)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">ALGOMA TUBES INC.</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 10pt">Manufacturing of welded and seamless steel pipes</FONT></TD>
    <TD STYLE="width: 6%; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="width: 6%; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="width: 6%; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">BREDERO SHAW INTERNATIONAL B.V. and subsidiaries</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Holding company and supplier of pipe coating services</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">NA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">NA</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">CONFAB INDUSTRIAL S.A. and subsidiaries</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of welded steel pipes</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">DALMINE S.p.A. and subsidiaries</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Italy</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of seamless steel pipes</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">EXIROS B.V. and subsidiaries (a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Procurement and trading services</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">50%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">50%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">50%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">HYDRIL COMPANY and subsidiaries</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacture and marketing of premium connections</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">MAVERICK TUBE CORPORATION and subsidiaries</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of welded and seamless steel pipes</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">P.T. SEAMLESS PIPE INDONESIA JAYA</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Indonesia</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of seamless steel products</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">89%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">89%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">89%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">S.C. SILCOTUB S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Romania</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of seamless steel pipes</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">SAUDI STEEL PIPE CO. and subsidiaries (b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Saudi Arabia</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of welded steel pipes </FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">48%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">48%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">48%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">SIAT SOCIEDAD ANONIMA</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of welded steel pipes </FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (c)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of seamless steel pipes</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Portugal</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Holding company</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS BAY CITY, INC.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of welded and seamless steel pipes</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS CONNECTIONS BV</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Development, management and licensing of intellectual property</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS FINANCIAL SERVICES S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Uruguay</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Financial company</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS GLOBAL SERVICES (CANADA) INC.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Marketing of steel products</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Marketing of steel products</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS GLOBAL SERVICES (UK) LTD</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">United Kingdom</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Holding company and marketing of steel products</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS GLOBAL SERVICES S.A. and subsidiaries</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Uruguay</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Holding company, marketing and distribution of steel products</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS INVESTMENTS (NL) B.V. and subsidiaries</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Holding company</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS GLOBAL SERVICES and INVESTMENTS S.&agrave;r.l. and subsidiaries</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Luxembourg</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Holding company</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS QINGDAO STEEL PIPES LTD.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Processing of premium joints, couplings and automotive components</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TENARIS TUBOCARIBE LTDA.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Colombia</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of welded and seamless steel pipes</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">TUBOS DE ACERO DE MEXICO, S.A. and subsidiaries</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Mexico</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manufacturing of seamless steel pipes</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  </TABLE>

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

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

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> All percentages rounded.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">Tenaris holds 40% of Tubular Technical Services
Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited, 49% of Amaja Tubular Services Limited, 60% of Tenaris
Baogang Baotou Steel Pipes Ltd. Until 2022 held 98.4% of Tenaris Supply Chain S.A. and, until 2021 held 49% of Tubular Services Angola
Lda.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">(a) Tenaris holds 50% of the voting rights.
The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">(b) Saudi Steel Pipe Co. is a public company
listed in the Saudi Arabian Stock Exchange (Tad&amacr;wul), Tenaris holds 47.79% and has the right to nominate the majority of the votes
of the board of directors, therefore Tenaris has control over SSPC. Since May, 2023, Saudi Steel Pipe Co. holds 57.3% of Global Pipe
Company, therefore Tenaris has control over GPC.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">(c) Until its liquidation in April 2023,
Siderca held 51% of NKKTubes.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"></FONT></P></DIV>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"></FONT><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>34</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; font-size: 10pt; text-align: justify"><B>&nbsp;</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"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I>Global Pipe Company acquisition</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 May 17, 2023, SSPC acquired 22.3% of the shares of GPC from Erndtebruecker
Eisenwerk (&ldquo;EEW&rdquo;), a German company that owned a 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, and, as a result of this transaction, SSPC currently holds a 57.3% interest
in 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 consolidates GPC&rsquo;s balances and results of operations
as from May 17, 2023. The acquired business , which, contributed revenues of $<FONT STYLE="color: black">144.2</FONT> million with a minor
contribution to Tenaris&rsquo;s results for the period starting May 17, 2023 and ending December 31, 2023, were assigned to Tubes segment.
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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Fair value of acquired assets and liabilities as of acquisition date (May, 17, 2023):</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">$ million</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%; font-size: 10pt; text-align: left; background-color: white">Property, Plant and Equipment</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-size: 10pt; text-align: right">173</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Working capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Cash and Cash Equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(123</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other assets and liabilities, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; background-color: white">Net assets acquired</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">80</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0pt 0; font-size: 10pt">&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
earnings of non-consolidated companies</I> in the Consolidated Income Statement. The non-controlling interests in GPC amounted to $<FONT STYLE="color: black">34.1</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 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 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 the year ended December 31, 2023, 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 December 31, 2023, SSPC&rsquo;s</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;aggregate exposure to GPC&rsquo;s financial debt amounted to $<FONT STYLE="color: black">72
</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"></P>

<!-- Field: Page; Sequence: 70 -->
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    <!-- Field: /Page -->

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

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

<p><B><I>Acquisition of Anticorrosion Coating Assets in Italy</I></B></P>

<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: 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>

<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 December 31, 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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Fair value of acquired assets and liabilities as of acquisition date (July, 1, 2023):</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">$ million</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%; font-size: 10pt; text-align: left; background-color: white">Property, Plant and Equipment</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-size: 10pt; text-align: right">11</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Working capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; background-color: white">Net assets acquired</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">13</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0pt 0; font-size: 10pt">&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 year ended December 31, 2023, were not material
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"><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. The final acquisition 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, 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.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 September 6, 2023, and ending December 31, 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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Fair value of acquired assets and liabilities as of acquisition date (September, 6, 2023):</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">$ million</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%; font-size: 10pt; text-align: left; background-color: white">Property, Plant and Equipment</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-size: 10pt; text-align: right">85</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Working capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other assets and liabilities, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; background-color: white">Net assets acquired</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">85</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<!-- Field: Page; Sequence: 71 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&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">5.0</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 the year ended December 31, 2023, amounted
to $0.5 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"><B><I>Acquisition of the Pipe Coating Business Unit of Mattr</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 November 30, 2023, Tenaris completed the acquisition of Mattr&rsquo;s
pipe coating business unit for $<FONT STYLE="color: black">182.6</FONT> million paid in cash. Under the purchase contract, the acquisition
price was paid based on an estimated closing statement; the final price is subject to a true-up adjustment based on actual amounts of
cash, indebtedness, working capital and certain other items as of the closing date, which are currently being assessed by management and
will be subsequently reviewed by the seller.</P>

<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 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 Company consolidated the balances and results of operations of the
acquired business as from November 30, 2023.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The acquired business contributed revenues of $<FONT STYLE="color: black">77.0</FONT>
million mainly related to spot projects, with a minor contribution to Tenaris&rsquo;s results for the period starting November 30, 2023
and ending December 31, 2023, were assigned to Others segment. 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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023):</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">$ million</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%; font-size: 10pt; text-align: left; background-color: white">Property, Plant and Equipment</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-size: 10pt; text-align: right">126</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Working capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Cash and Cash Equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; background-color: white">Provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other assets and liabilities, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; background-color: white">Net assets acquired</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">169</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="margin: 0pt 0; font-size: 10pt">&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">169.0</FONT> million. As a result of the acquisition, Tenaris recognized goodwill for approximately
$<FONT STYLE="color: black">13.6</FONT> million. The goodwill is not deductible for tax purposes. The allocations of the purchase price
will be finalized once all the information is obtained, but not to exceed one year from the acquisition 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">Acquisition-related costs for the year ended December 31, 2023, amounted
to $<FONT STYLE="color: black">1.1</FONT> 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"></P>

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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>35</B></TD>
    <TD STYLE="text-align: justify"><B>Nationalization of Venezuelan subsidiaries</B></TD></TR>
</TABLE>

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

<P STYLE="color: #003366; font-size: 10pt; font-weight: bold; text-indent: -21.3pt; margin: 0pt 0 0pt 21.3pt"></P>

<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: justify">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On December 12, 2016, the tribunal issued its award upholding Tenaris&rsquo;s
and Talta&rsquo;s claim and granted compensation in the amount of $<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 year ended December 31, 2023. The Company does not maintain any residual interest in these awards and judgements. The net
result derived from this operation amounted to $<FONT STYLE="color: black">33.3</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"></P>

<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.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"></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>36</B></TD>
    <TD STYLE="text-align: justify"><B>Termination of NKKTubes joint venture</B></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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. 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"></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: 0.5in"><B>37</B></TD>
    <TD STYLE="text-align: justify"><B>Share Buyback Program</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 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"><FONT STYLE="color: windowtext">The buyback program is being 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. </FONT>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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The program is divided into tranches. For purposes of carrying out the
first tranche of the buyback program, Tenaris entered into a non-discretionary buyback agreement with a primary financial institution
that makes trading decisions concerning the timing of the purchases of Tenaris&rsquo;s ordinary shares independently of and uninfluenced
by Tenaris and must act in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission
Delegated Regulation (EU) 2016/1052. Under the buyback agreement, purchases of shares may continue during any blackout periods.</P>

<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 2023, the Company purchased <FONT STYLE="color: black">12,648,091</FONT>
shares, for a value of $<FONT STYLE="color: black">213.7</FONT> million. As of December 31, 2023, the Company held a liability in connection
to the shares to be settled under the first tranche of the buyback program that amounted to $<FONT STYLE="color: black">86.2</FONT> million.
On January 12, 2024, the first tranche of the share buyback program was completed.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Further information on the buyback transactions is available on Tenaris&rsquo;s
corporate website under the Share Buyback Program Section.</P>

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

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

<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>38</B></TD>
    <TD STYLE="text-align: justify"><B>Climate change</B></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></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.</P>

<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 February 2021 Tenaris set a medium-term target to reduce its carbon
emissions intensity rate by 30% by 2030, compared to a 2018 baseline, considering Scopes 1 and 2 emissions plus Scope 3 emissions related
to raw materials and steel purchased from third parties. Tenaris encourages the use of sustainable practices among its suppliers and,
in March 2023, it adopted a Sustainable Sourcing Policy to enhance its efforts in this area. The new Sustainability Sourcing Policy will
help Tenaris to understand better the real emission levels of its suppliers and identify further opportunities for improvement. The Company
aims to achieve this target by using a higher proportion of recycled steel scrap in the metallic mix and by making investments to increase
energy efficiency and the use of renewable energy in its energy requirements.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In particular, a large proportion of these investments are being directed
to installing renewable energy capacity for use in the Company&rsquo;s operations. In October 2023, following an investment of approximately
$200 million, Tenaris put into operation a wind farm in Argentina, which supplies 103.2 MW of power, or close to 50% of its total electric
power requirements, through the interconnected grid, to its industrial facilities in Campana. The wind farm will reduce Tenaris&rsquo;s
CO<SUB>2</SUB> emissions at the facility by 152,000 tons per year compared to 2018. In November 2023 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 its facilities in Campana, and reduce Tenaris&rsquo;s CO<SUB>2</SUB> emissions by a further
102,500 tons per year. The medium-term target forms part of a broader objective of decarbonizing our operations and reaching carbon neutrality.
At the same time, the Company is increasing its sales for low-carbon energy applications, such as hydrogen, geothermal and carbon capture
and storage. These sales currently account for a relatively small proportion of overall sales but are expected to grow in the coming years.</P>

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

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

<!-- Field: Page; Sequence: 74 -->
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    <DIV STYLE="break-before: page; margin-top: 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; white-space: nowrap; width: 50%"><P STYLE="font-size: 10pt; margin: 0pt 0; color: #666666"><I>Consolidated Financial Statements</I></P><P STYLE="margin: 0pt 0; font-size: 8pt; color: rgb(102,102,102)"><I>For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></P></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right; width: 50%"><IMG SRC="hdrimg.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><BR STYLE="clear: both"> </I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In its assessment, Tenaris also considers that the countries in which it
operates and its customers are also establishing their own decarbonization strategies and objectives, and that some customers are requesting
specific information from their suppliers, including Tenaris, concerning the carbon emissions and Environmental, Social and Governance
(&ldquo;ESG&rdquo;) practices in their supply chain, and that they may adjust their supply practices in light of that information.</P>

<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 recoverable value assessments performed by the Company for purposes
of the preparation of these financial statements reflects management&rsquo;s views on energy transition and climate change and their potential
medium- and long-term impact on Tenaris&rsquo;s operations and its sales. In addition, the Company carefully monitors the medium- and
long-term outlook scenarios published by leading industry experts on how the energy transition could affect global demand for energy and
oil and gas and how this could affect the global demand for tubular products and its sales. Furthermore, estimates and assumptions used
in the Company&rsquo;s impairment tests over long-lived assets and goodwill, useful lives of assets, capital and research and development
expenditures, inventory valuation, recovery of deferred tax assets and provisions, and contingent liabilities are based on available information
and current government regulations on energy transition and climate-related matters, as well as on Tenaris&rsquo;s current short-term
investment plans. As of the date of these financial statements, the Company does not believe that climate-related matters should trigger
any material adjustments to the conclusions of its impairment tests or the valuation of the above mentioned areas.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in"><B>39</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"><FONT STYLE="letter-spacing: -0.1pt"><B><I>Annual Dividend Proposal and Second Tranche of Share
Buyback Program</I></B></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">Upon approval of the Company&acute;s annual accounts in March 2024, the
Board of Directors intends to propose, for the approval of the Annual General Shareholders' meeting to be held on April 30, 2024, the
payment of an annual dividend of $0.60 per share ($1.20 per ADS), or approximately $700 million, which includes the interim dividend of
$0.20 per outstanding share ($0.40 per ADS) or approximately $235 million, paid on November 22, 2023. If the annual dividend is approved
by the shareholders, a dividend of $0.40 per share ($0.80 per ADS), or approximately $465 million will be paid on May 22, 2024, with an
ex-dividend date of May 20, 2024. These Consolidated Financial Statements do not reflect this dividend payable.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The second $300 million tranche of the Company&rsquo;s previously announced
$1.2 billion share buyback program is expected to begin on Monday, February 26, 2024.</P>

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

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

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

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

<P STYLE="margin: 0pt 19.4pt 0pt 7.1pt; font-size: 10pt; text-align: right; text-indent: -7.1pt">Alicia M&oacute;ndolo</P>

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

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

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">-72-</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; font-size: 10pt"></P>

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

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