<SEC-DOCUMENT>0001171843-24-002306.txt : 20240429
<SEC-HEADER>0001171843-24-002306.hdr.sgml : 20240429
<ACCEPTANCE-DATETIME>20240429061036
ACCESSION NUMBER:		0001171843-24-002306
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240429
DATE AS OF CHANGE:		20240429

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:		24886395

	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_042524.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 April 25, 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 <FONT STYLE="font-family: Symbol"><U>&Ouml;</U></FONT> Form 40-F<U>&#9;</U></P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">The attached material is being furnished to the Securities and Exchange Commission pursuant
to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 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; 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: April 25, 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>

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

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


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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(242,242,242); white-space: nowrap; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Notes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,441,544</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,141,181</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,134,052)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,307,779)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,307,492</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,833,402</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Selling, general and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(508,132)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(487,347)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other operating income (expense), net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12,304</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,299</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>811,664</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,351,354</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Finance Income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">56,289</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">47,887</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Finance Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(20,583)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(31,545)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(60,468)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,477</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income before equity in earnings of non-consolidated companies and income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>786,902</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,372,173</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">48,179</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">53,006</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>835,081</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,425,179</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(84,856)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(295,972)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>750,225</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,129,207</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">736,980</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,128,627</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13,245</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">580</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>750,225</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,129,207</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Earnings per share attributable to shareholders' equity during the period:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Weighted average number of outstanding ordinary shares (thousands)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,160,008</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,180,537</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per share (U.S. dollars per share)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">0.64</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">0.96</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per ADS (U.S. dollars per ADS) <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1.27</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1.91</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements should be read
in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2023.</P>

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

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 70%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>750,225</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,129,207</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Items that may be subsequently reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(26,011)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">17,462</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Change in value of cash flow hedges and instruments at fair value <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">103,207</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,633</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Income tax relating to components of other comprehensive income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">24,591</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">From participation in non-consolidated companies:</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;- Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,475)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,932</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;- Changes in the value of cash flow hedges, instruments at fair value and others</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">31,820</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,175)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>127,132</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>30,852</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Items that will not be reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Remeasurements of post-employment benefit obligations</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Income tax on items that will not be reclassified</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">459</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Remeasurements of post-employment benefit obligations of non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(357)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>84</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>32</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other comprehensive income for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>127,216</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>30,884</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>877,441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,160,091</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Shareholders' equity</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">864,462</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,159,365</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">12,979</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">726</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>877,441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,160,091</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Mainly related to the change in the fair value of U.S. dollar-denominated
Argentine bonds. For more information see note 20.</P>

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements should be read
in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2023.</P>

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><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 -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Notes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 45%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Property, plant and equipment, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,094,145</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,078,179</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Intangible assets, net </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,356,065</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,377,110</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Right-of-use assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">137,026</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">132,138</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Investments in non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>17</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,681,971</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,608,804</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">NC</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">983,519</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">405,631</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">774,014</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">789,615</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Receivables, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">177,221</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,203,961</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">185,959</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,577,436</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Inventories, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,911,719</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,921,097</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Receivables and prepayments, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">291,694</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">228,819</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Current tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">261,983</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">256,401</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Trade receivables, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,303,293</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,480,889</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">CA</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>15</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,883</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,801</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">C</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,248,863</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,969,631</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,323,350</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,343,785</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,637,821</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,504,459</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,547,746</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,081,895</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>EQUITY</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">17,407,503</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">16,842,972</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">201,564</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">187,465</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,609,067</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,030,437</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">28,122</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">48,304</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">97,078</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">96,598</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">NCL</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>15</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">255</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">488,082</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">631,605</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">282,147</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">271,268</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">103,465</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">998,894</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">101,453</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,149,483</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">608,278</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">535,133</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">42,097</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">37,835</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">CL</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>15</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,569</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,895</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Current tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">476,280</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">488,277</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">493,293</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">422,645</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">35,492</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">35,959</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Customer advances</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">239,342</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">263,664</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,041,434</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,939,785</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,107,567</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,901,975</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,938,679</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,051,458</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,547,746</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,081,895</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements should be read
in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2023.</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; text-align: justify; margin: 0pt 0"><B>CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CHANGES
IN EQUITY</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share<BR>
 Capital <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Treasury<BR>
 Shares <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Legal<BR>
 Reserves</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share<BR>
 Premium</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Currency<BR>
 Translation<BR>
 Adjustment</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other<BR>
 Reserves <SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Retained<BR>
 Earnings <SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Non-<BR>
controlling<BR>
 interests </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2023</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(213,739)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(990,171)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(603,978)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,742,536</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,842,972</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>187,465</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,030,437</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>736,980</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>736,980</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>13,245</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>750,225</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(25,745)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(25,745)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(266)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(26,011)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Remeasurements of post-employment benefit obligations, net of taxes</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">441</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>441</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>441</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.7pt; text-align: left"><FONT STYLE="font-size: 10pt">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">127,798</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>127,798</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>127,798</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">From other comprehensive income of non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,475)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">31,463</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>24,988</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>24,988</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Other comprehensive income (loss) for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(32,220)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>159,702</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>127,482</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(266)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>127,216</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income (loss) for the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(32,220)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>159,702</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>736,980</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>864,462</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>12,979</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>877,441</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Repurchase of own shares <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(311,064)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(311,064)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(311,064)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Changes in share buyback program liabilities <SUP>(6)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,133</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,133</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,133</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Acquisition and other changes in non-controlling interests</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,120</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,120</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at March 31, 2024</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(524,803)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,022,391)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(433,143)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,479,516</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,407,503</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>201,564</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,609,067</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #009900; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(1)</SUP> The Company has an authorized share capital of a single
class of 2.5 billion shares having a nominal value of USD1.00 per share. As of March 31, 2024 there were <FONT STYLE="color: black">1,180,536,830</FONT>
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> As of March 31, 2024, the Company held <FONT STYLE="color: black">29,816,152</FONT>
shares as treasury shares. For more information see note <FONT STYLE="color: black">23</FONT>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(3)</SUP> Other reserves includes mainly the result of transactions
with non-controlling interest that do not result in a loss of control, the remeasurement of post-employment benefit obligations and the
changes in value of cash flow hedges and in financial instruments measured at fair value through other comprehensive income.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(4)</SUP> The restrictions to the distribution of profits and payment
of dividends according to Luxembourg Law are disclosed in note <FONT STYLE="color: black">18</FONT>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(5) </SUP>Mainly related to the change in the fair value of U.S. dollar-denominated
Argentine bonds. For more information see note 20.</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>(6) </SUP>For more information see note <FONT STYLE="color: black">23</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; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements should be read
in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2023.</P>

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

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    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share<BR>
 Capital <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Legal<BR>
 Reserves</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share<BR>
 Premium</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Currency<BR>
 Translation<BR>
 Adjustment</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other<BR>
 Reserves <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Retained<BR>
 Earnings <SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Non-<BR>
controlling<BR>
 interests</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,138,681)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(325,572)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>13,461,638</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>13,905,709</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>128,728</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>14,034,437</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,128,627</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,128,627</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>580</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,129,207</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">17,316</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,316</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">146</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>17,462</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Remeasurements of post-employment benefit obligations, net of taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.7pt; text-align: left"><FONT STYLE="font-size: 10pt">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,633</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>9,633</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>9,633</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">From other comprehensive income of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,932</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,142)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,790</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,790</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Other comprehensive income for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>22,248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>8,490</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>30,738</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>146</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>30,884</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>22,248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>8,490</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,128,627</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,159,365</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>726</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,160,091</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at March 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,116,433)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(317,082)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>14,590,265</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>15,065,074</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>129,454</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>15,194,528</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(1)</SUP> The Company had an authorized share capital of a single
class of 2.5 billion shares having a nominal value of USD1.00 per share. As of March 31, 2023 there were 1,180,536,830 shares issued.
All issued shares were 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 included mainly the result of transactions
with non-controlling interest that do not result in a loss of control, the remeasurement of post-employment benefit obligations and the
changes in value of cash flow hedges and in financial instruments measured at fair value through other comprehensive income.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(3)</SUP> The restrictions to the distribution of profits and payment
of dividends according to Luxembourg Law are disclosed in note <FONT STYLE="color: black">18</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;&nbsp;</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements should be read
in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2023.</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="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 65%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Notes</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>&nbsp;(Unaudited) </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash flows from operating activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>750,225</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,129,207</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Adjustments for:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>11, 12 &amp; 13</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">175,442</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">125,453</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Income tax accruals less payments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(29,222)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">188,856</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(48,179)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(53,006)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interest accruals less payments, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">11,938</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,700)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in provisions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,545</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,957</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in working capital <SUP>(*)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(9,548)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(460,557)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Others, including net foreign exchange</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">34,776</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(13,440)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net cash provided by operating activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>886,977</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>920,770</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash flows from investing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>11 &amp; 12</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(172,097)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(117,088)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in advance to suppliers of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,952</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Loan to joint ventures</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>17</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(1,354)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Proceeds from disposal of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">5,412</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,796</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in investments in securities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(759,667)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(890,636)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>(924,754)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,002,895)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash flows from financing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Changes in non-controlling interests</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,120</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Acquisition of treasury shares</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>23</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(311,064)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Payments of lease liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(16,768)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(10,758)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Proceeds from borrowings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">829,947</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">559,274</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Repayments of borrowings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(754,078)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(679,892)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>(250,843)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(131,376)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Decrease in cash and cash equivalents</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>(288,620)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(213,501)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Movement in cash and cash equivalents</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">At the beginning of the period</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,616,597</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,091,433</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Effect of exchange rate changes </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(4,921)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(16,518)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Decrease in cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(288,620)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(213,501)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,323,056</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>861,414</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: White; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;At March 31, </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash and cash equivalents</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cash and bank deposits</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,323,350</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">861,494</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Bank overdrafts</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(294)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(80)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>1,323,056</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>861,414</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*)</SUP> Changes in working capital do not include non-cash movements
due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar for an amount
of $<FONT STYLE="color: black">(8.5)</FONT> million for the three-month period ended March 31, 2024 and $<FONT STYLE="color: black">9.4</FONT>
million for the three-month period ended March 31, 2023.</P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements should be read
in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2023.</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="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 6%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">1</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 94%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">General information</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Accounting policies and basis of presentation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Segment information</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cost of sales</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Selling, general and administrative expenses</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Other operating income (expense), net</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Financial results</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Equity in earnings of non-consolidated companies</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Income tax</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">10</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Dividend distribution</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">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 STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">12</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Intangible assets, net</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">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 STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">14</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cash and cash equivalents and other investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">15</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Derivative financial instruments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">16</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Category of financial instruments and classification within the fair value hierarchy</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">17</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Investments in non-consolidated companies</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">18</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Contingencies, commitments and restrictions to the distribution of profits</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">19</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cancellation of title deed in Saudi Steel Pipe Company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">20</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Foreign exchange control measures in Argentina</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">21</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Related party transactions </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">22</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Business Combinations</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">23</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Share Buyback Program</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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

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

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

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

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

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

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

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

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    <!-- Field: /Page -->

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris S.A. (the &quot;Company&quot;) was established as a public limited
liability company (<I>soci&eacute;t&eacute; anonyme</I>) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company
holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses.
References in these Consolidated Condensed Interim Financial Statements to &ldquo;Tenaris&rdquo; refer to Tenaris S.A. and its consolidated
subsidiaries. A list of the principal Company&rsquo;s subsidiaries is included in note 33 to the Company&rsquo;s audited Consolidated
Financial Statements for the year ended 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">The Company&rsquo;s shares trade on the Italian Stock Exchange and the
Mexican Stock Exchange, and its American Depositary Securities (&ldquo;ADS&rdquo;) trade on the New York Stock Exchange.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements were approved
for issuance by the Company&rsquo;s Board of Directors on April 25, 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">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements have been prepared
in accordance with IAS 34, &ldquo;Interim Financial Reporting&rdquo; as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;)
and as adopted by the European Union (&ldquo;EU&rdquo;). The accounting policies used in the preparation of these Consolidated Condensed
Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December
31, 2023. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial
Statements for the year ended December 31, 2023, which have been prepared in accordance with International Financial Reporting Standards
(&ldquo;IFRS&rdquo;) as issued by the IASB and in conformity with IFRS as adopted by the EU.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris carefully assesses the potential impact of climate change and energy
transition on its business and on the risks to its markets and its tangible and intangible assets and adapts its business strategy accordingly.
These events did not impact materially management judgments and estimates used in the preparation of these Consolidated Condensed Interim
Financial Statements. For further information, see note 38 to our audited Consolidated Financial Statements for the year ended 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">Material intercompany transactions, balances and unrealized gains (losses)
on transactions between Tenaris&rsquo;s subsidiaries have been eliminated in consolidation. However, since the functional currency of
some subsidiaries is their respective local currency, some financial gains (losses) arising from intercompany transactions are generated.
These are included in the Consolidated Condensed Interim Income Statement under <I>Other financial results, net</I>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">There were no significant changes in valuation techniques during the period
and there have been no changes in any risk management policies since the year ended December 31, 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">None of the accounting pronouncements applicable after December 31, 2023,
and as of the date of these Consolidated Condensed Interim Financial Statements had a material effect on the Company&rsquo;s financial
condition or result of its operations.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</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>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2024 - (Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Management view - operating income</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>776</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>47</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>823</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Difference in cost of sales</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(11)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Differences in selling, general and administrative expenses</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>IFRS - operating income</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>812</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Financial income (expense), net</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(25)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income before equity in earnings of non-consolidated companies and income tax</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>787</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>835</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><I>Net Sales</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><I>3,132</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><I>310</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><B><I>3,442</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><I>Depreciation and amortization</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><I>135</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><I>40</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-size: 10pt"><B><I>175</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2023 - (Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Management view - operating income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,349</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>35</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,384</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Difference in cost of sales</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(32)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Differences in selling, general and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>IFRS - operating income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,351</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Financial income (expense), net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B>Income before equity in earnings of non-consolidated companies and income tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,372</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,425</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><I>Net Sales</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>3,974</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>167</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>4,141</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><I>Depreciation and amortization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>120</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>5</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>125</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The differences between operating income under the IFRS and management
views are mainly related to the cost of goods sold, reflecting the effect of raw materials prices variations on the valuation of the replacement
cost considered for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other timing differences.
For more information see note II.C &ldquo;Segment information&rdquo; in the Company&rsquo;s audited Consolidated Financial Statements
for the year ended December 31, 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"><FONT STYLE="font-weight: normal">In addition to the amounts reconciled
above, the main differences in net income arise from the impact of functional currencies on financial result, deferred income taxes as
well as the result of investments in non-consolidated companies.</FONT></P>

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; 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 -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>North<BR>
 America</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>South<BR>
 America</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Europe</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Asia Pacific,<BR>
 Middle East<BR>
 and Africa <SUP>(*)</SUP></B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2024 - (Unaudited)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,620,616</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">696,874</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">281,300</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">842,754</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,441,544</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">59,486</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">73,985</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">29,622</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,004</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>172,097</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">110,414</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">30,491</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">19,778</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">14,759</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>175,442</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2023 - (Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,264,225</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,060,176</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">286,429</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">530,351</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,141,181</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">36,521</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">58,948</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">16,788</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,831</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>117,088</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">71,096</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">25,260</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">17,829</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,268</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>125,453</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>(*) </SUP>Starting on January 1, 2023, Asia Pacific, Middle East and
Africa were merged in a single geographical region.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">There are no revenues from external customers attributable to the Company&rsquo;s
country of incorporation (Luxembourg). The principal countries from which the Company derives its revenues are USA, Argentina, Mexico,
Canada, 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">No single customer comprised more than 10% of Tenaris&rsquo;s net sales
in the three-month period ended March, 31, 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">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 March 31, 2024. 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"><FONT STYLE="color: black">Revenue is mainly recognized at a point in time
to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance
of the product by the customer. </FONT>In the three-month period ended March 31, 2024 and 2023, r<FONT STYLE="color: black">evenues related
to governmental institutions represented approximately 28% and 27% respectively.</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 70%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Revenues Tubes </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Oil &amp; Gas</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,793</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,504</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Oil &amp; Gas processing plants</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">155</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">212</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Industrial, Power and Others</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">184</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">258</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,132</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,974</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 13 -->
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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: left">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Inventories at the beginning of the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,921,097</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,986,929</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Plus: Charges of the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Raw materials, energy, consumables and other</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,281,253</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,520,944</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Services and fees</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">123,130</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">105,993</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Labor cost</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">378,770</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">340,256</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation of property, plant and equipment </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">119,157</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">98,163</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Amortization of intangible assets</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2,792</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2,952</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation of right-of-use assets</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10,963</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6,923</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Maintenance expenses</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">96,283</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">89,212</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Allowance for obsolescence</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10,054</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(11,250)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">47,028</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">95,165</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">55,244</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">63,993</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,124,674</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,312,351</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Less: Inventories at the end of the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,911,719)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,991,501)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,134,052</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,307,779</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Services and fees</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">40,253</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">39,962</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Labor cost</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">181,073</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">150,297</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation of property, plant and equipment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,044</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,902</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Amortization of intangible assets</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">30,165</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,863</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation of right-of-use assets</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6,321</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4,650</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Freights and other selling expenses</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">167,589</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">198,107</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Provisions for contingencies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,539</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,361</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Allowances for doubtful accounts</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(639)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(213)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">38,618</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">51,008</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">28,169</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">23,410</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>508,132</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>487,347</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><I>Other operating income</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net income from other sales</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,921</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,821</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net rents</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,076</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,407</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Allowance for doubtful receivables recovery</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">11,027</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,620</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,913</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><I>Other operating expenses</I></FONT></TD>
    <TD STYLE="background-color: White; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Contributions to welfare projects and non-profits organizations</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,604)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,614)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Allowance for doubtful receivables</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(116)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,720)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,614)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>12,304</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,299</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">60,558</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">44,465</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net result on changes in FV of financial assets at FVTPL</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(4,269)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,422</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Finance Income</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>56,289</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>47,887</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Finance Cost</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>(20,583)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>(31,545)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange transactions results</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11,630</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7,333</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange derivatives contracts results</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(4,031)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(2,736)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(68,067)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(120)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other Financial results, net</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>(60,468)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,477</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net Financial results</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(24,762)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>20,819</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Finance Income:</I> For the three-month period ended March, 31, 2024
includes $13.2 million of interest related to instruments carried at FVTPL.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Other: </I>Mainly related to the change in the fair value of U.S. dollar
denominated Argentine bonds. For more information see note 20.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">From non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">48,179</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">53,006</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>48,179</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>53,006</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #003366; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="color: #003366; font-size: 10pt; text-align: justify; margin: 0pt 0"><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>9</B></TD><TD><B>Income tax</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Current tax</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(212,532)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(254,921)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Deferred tax</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">127,676</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(41,051)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Tax charge </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(84,856)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(295,972)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The group is within the scope of the OECD Pillar Two model rules. Pillar
Two legislation was enacted in Luxembourg, the jurisdiction in which the company is incorporated, and came into effect from January 1,
2024. The group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar
Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Tenaris recognized an estimated current tax expense related
to Pillar Two, amounting to $<FONT STYLE="color: black">20.1</FONT> million.</P>

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

<!-- Field: Page; Sequence: 15 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</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>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On <FONT STYLE="color: black">February 21, 2024</FONT>, the Company&rsquo;s
board of directors proposed, for the approval of the Annual General Shareholders' meeting to be held on <FONT STYLE="color: black">April
30, 2024</FONT>, the payment of an annual dividend of $<FONT STYLE="color: black">0.60</FONT> per outstanding share ($<FONT STYLE="color: black">1.20</FONT>
per ADS), which includes the interim dividend of $<FONT STYLE="color: black">0.20</FONT> per outstanding share ($<FONT STYLE="color: black">0.40</FONT>
per ADS), paid in <FONT STYLE="color: black">November 22, 2023</FONT>. If the annual dividend is approved by the shareholders, a dividend
of $<FONT STYLE="color: black">0.40</FONT> per outstanding share ($<FONT STYLE="color: black">0.80</FONT> per ADS), will be paid on <FONT STYLE="color: black">May
22, 2024</FONT>, with an ex-dividend date of <FONT STYLE="color: black">May 20, 2024</FONT>. These Consolidated Condensed Interim Financial
Statements do not reflect this dividend payable.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11</B></TD><TD><B>Property, plant and equipment, net</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opening net book amount</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,078,179</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,556,263</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(12,491)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8,768</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">161,048</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">107,612</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disposals / Consumptions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,440)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(11,456)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Transfers / Reclassifications</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(950)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Depreciation charge </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(125,201)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(103,065)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,094,145</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,558,141</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">See note <FONT STYLE="color: black">19</FONT> for a description of certain
restricted assets with a carrying value of $56.2 million held in Saudi Arabia by the Company&rsquo;s subsidiary Saudi Steel Pipe Company
(&ldquo;SSPC&rdquo;), in which Tenaris holds a 47.79% interest.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12</B></TD><TD><B>Intangible assets, net</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opening net book amount</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,377,110</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,332,508</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(87)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,049</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,476</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Transfers / Reclassifications</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">950</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(19)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Amortization charge </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(32,957)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(10,815)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,356,065</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,331,221</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><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 -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13</B></TD><TD><B>Right-of-use assets, net and lease liabilities</B></TD></TR></TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opening net book amount</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">132,138</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">111,741</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(203)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">22,471</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">12,345</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disposals / Consumptions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(96)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(258)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation charge </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(17,284)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(11,573)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>137,026</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>112,363</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="background-color: White; white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Land and Civil Buildings</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">37,516</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">38,492</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Industrial Buildings, Plant and Production Equipment</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">76,407</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">72,813</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Vehicles, furniture and fixtures</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">20,375</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">17,988</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Others</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,728</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,845</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>137,026</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>132,138</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B><I>&nbsp;</I></B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Opening net book amount</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">134,432</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">112,177</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Translation differences</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(709)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">762</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">22,160</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">12,345</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cancellations</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(262)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(259)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Repayments of lease liabilities including interests</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(17,931)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(11,316)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Interest accrued</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,485</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">890</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>139,175</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>114,599</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2024, 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">30%</FONT>, <FONT STYLE="color: black">44%</FONT>
and <FONT STYLE="color: black">26%</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 March 31, 2023, the amount of remaining payments with maturities
of less than 1 year, between 2 and 5 years and more than 5 years was approximately <FONT STYLE="color: black">28%</FONT>, <FONT STYLE="color: black">43%</FONT>
and <FONT STYLE="color: black">29%</FONT>, respectively.</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; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14</B></TD><TD><B>Cash and cash equivalents and other investments</B></TD></TR></TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="background-color: White; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Cash at banks</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">315,141</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">370,487</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Liquidity funds</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">661,800</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">223,424</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Short-term investments</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">346,409</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,043,910</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,323,350</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,637,821</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Other investments - current </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Bonds and other fixed income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">847,609</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">834,281</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,119,101</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">896,166</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Fund investments</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">282,153</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">239,184</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,248,863</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,969,631</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Other investments - non-current </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Bonds and other fixed income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">936,206</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">398,220</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">40,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Others </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,313</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,411</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>983,519</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>405,631</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15</B></TD><TD><B>Derivative financial instruments</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 70%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other derivatives</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,883</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,801</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Contracts with positive fair values</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,883</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>9,801</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other derivatives </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,569</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,150</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Contracts with negative fair values</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,569</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,150</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">Other derivatives include contracts which are designated to hedge positions
other than borrowings and investments.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #003366; font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"><B>16<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Category of financial instruments and classification within the fair value hierarchy</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">The following table illustrates the three hierarchical levels for valuing
financial instruments at fair value and those measured at amortized cost as of March 31, 2024 and 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carrying amount</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Measurement Categories</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>At Fair Value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B>March 31, 2024 - (Unaudited)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amortized Cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 28%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Cash and cash equivalents</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,323,350</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>661,550</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>661,800</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>661,800</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other investments </I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,248,863</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,119,101</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,129,762</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,129,762</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 1.6pt; text-align: left"><FONT STYLE="font-size: 10pt"><I>Fixed Income (time-deposit, zero coupon bonds, commercial papers)</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>1,119,101</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>1,119,101</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">U.S. Sovereign Bills</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>123,174</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">123,174</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Certificates of Deposits</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>561,158</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">561,158</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Commercial Papers</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>149,384</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">149,384</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other notes</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>285,385</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">285,385</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><I>Bonds and other fixed income</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>847,609</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>847,609</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>847,609</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">U.S. government securities</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>229,122</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">229,122</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">229,122</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Non - U.S. government securities</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>47,917</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">47,917</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">47,917</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Corporates securities</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>570,570</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">570,570</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">570,570</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><I>Mutual Fund</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>282,153</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>282,153</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>282,153</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,883</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,883</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,883</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other Investments Non-current</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>983,519</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>40,000</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>943,519</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>936,206</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>7,313</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Bonds and other fixed income</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>936,206</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">936,206</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">936,206</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 8.7pt; text-align: left"><FONT STYLE="font-size: 10pt">Fixed income (time-deposit, zero coupon bonds, commercial papers)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>40,000</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>40,000</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other investments</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>7,313</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7,313</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7,313</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Trade receivables</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,303,293</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,303,293</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Receivables C and NC</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>468,915</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>102,116</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>102,116</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>102,116</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other receivables (non-financial)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>366,799</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,226,060</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,737,964</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,727,768</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,883</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>7,313</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Borrowings C and NC</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>636,400</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>636,400</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Trade payables</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,041,434</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,041,434</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other liabilities C and NC <SUP>(*)</SUP></I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>775,440</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>7,321</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>75,128</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>75,128</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other liabilities</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>82,449</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7,321</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>75,128</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">75,128</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other liabilities (non-financial)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>692,991</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Lease Liabilities C and NC</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>139,175</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>139,175</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>3,569</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>3,569</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>3,569</I></B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: #003366 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,824,330</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>78,697</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,569</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>75,128</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><SUP>(*)</SUP> Includes liability related to share buyback program. See note
<FONT STYLE="color: black">23</FONT> to these Consolidated Condensed Interim Financial Statements.</P>

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carrying amount</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Measurement Categories</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>At Fair Value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amortized Cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 28%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Cash and cash equivalents</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,637,821</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,414,397</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>223,424</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>223,424</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other investments </I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,969,631</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>896,166</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,073,465</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,073,465</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left; text-indent: 1.6pt"><FONT STYLE="font-size: 10pt"><I>Fixed income (time-deposit, zero coupon bonds, commercial papers)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>896,166</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>896,166</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">U.S. Sovereign Bills</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>282,225</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">282,225</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Certificates of deposits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>334,637</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">334,637</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Commercial papers</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>196,708</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">196,708</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other notes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>82,596</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">82,596</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left; text-indent: 1.6pt"><FONT STYLE="font-size: 10pt"><I>Bonds and other fixed income</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>834,281</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>834,281</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>834,281</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">U.S. government securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>126,399</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">126,399</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">126,399</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Non-U.S. government securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>10,943</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10,943</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10,943</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Corporates securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>696,939</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">696,939</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">696,939</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left; text-indent: 1.6pt"><FONT STYLE="font-size: 10pt"><I>Mutual Fund</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>239,184</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>239,184</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>239,184</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>9,801</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>9,801</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>9,801</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other Investments Non-current</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>405,631</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>405,631</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>398,220</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>7,411</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Bonds and other fixed income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>398,220</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">398,220</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">398,220</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>7,411</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7,411</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7,411</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Trade receivables</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,480,889</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>2,480,889</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Receivables C and NC</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>414,778</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>93,144</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>93,144</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">93,144</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other receivables (non-financial)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>321,634</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,884,596</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,712,321</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,695,109</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>9,801</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>7,411</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Borrowings C and NC</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>583,437</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>583,437</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Trade payables</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,107,567</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,107,567</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other liabilities C and NC <SUP>(*)</SUP></I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>693,913</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>86,240</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>86,240</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>86,240</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">86,240</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">86,240</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt">Other liabilities (non-financial)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>607,673</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Lease Liabilities C and NC</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>134,433</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>134,433</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Derivative financial instruments</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>11,150</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>11,150</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>11,150</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,825,437</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>97,390</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,150</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>86,240</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><SUP>(*)</SUP> Includes liability related to share buyback program. See note
<FONT STYLE="color: black">23</FONT> to these Consolidated Condensed Interim Financial Statements.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If one or more of the significant inputs are not based on observable market
data, the instruments are included in Level 3. The Company values its assets and liabilities in this level using observable market inputs
and management assumptions which reflect the Company&rsquo;s best estimate on how market participants would price the asset or liability
at measurement date. Main balances in this level include a liability related to the shares to be settled under the share buyback program
recognized during the period. For more information see note <FONT STYLE="color: black">23</FONT>.</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"><FONT STYLE="font-weight: normal">&nbsp;Borrowings are comprised primarily of fixed rate debt and variable
rate debt with a short-term portion where interest has already been fixed. They are classified under other financial liabilities and
measured at their amortized cost. The Company estimates that the fair value of its main financial liabilities is approximately <FONT STYLE="color: black">99.2%
</FONT>of its carrying amount including interests accrued as of March 31, 2024 as compared with <FONT STYLE="color: black">99.8%</FONT>
as of December 31, 2023. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable
market rates for discounting flows.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17</B></TD><TD STYLE="text-align: justify"><B>Investments in non-consolidated companies</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">This note supplements and should be read in conjunction with note 14 to
the Company&rsquo;s audited Consolidated Financial Statements for the year ended 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 STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">At the beginning of the period</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,608,804</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,540,646</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Translation differences </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,475)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,932</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">48,179</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">53,006</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Increase / (decrease) in equity reserves and others</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">31,463</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,142)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,681,971</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,597,442</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2024, the closing price of Ternium&rsquo;s ADSs as quoted
on the New York Stock Exchange was $<FONT STYLE="color: black">41.62</FONT> per ADS, giving Tenaris&rsquo;s ownership stake a market value
of approximately $<FONT STYLE="color: black">956.1</FONT> million. As of that date, the carrying value of Tenaris&rsquo;s ownership stake
in Ternium, based on Ternium&rsquo;s Consolidated Condensed Interim Financial Statements, was approximately $<FONT STYLE="color: black">1,502.0</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">The Company reviews its participation in Ternium whenever events or circumstances
indicate that the asset&rsquo;s carrying amount may not be recoverable. As of March 31, 2024, the Company concluded that the carrying
amount did not exceed the recoverable value of the investment.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Usiminas is a Brazilian producer of high-quality flat steel products used
in the energy, automotive and other industries.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2024, 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">9.37</FONT> ($<FONT STYLE="color: black">1.88</FONT>)
and BRL<FONT STYLE="color: black">10.01</FONT> ($<FONT STYLE="color: black">2.00</FONT>), respectively, giving Tenaris&rsquo;s ownership
stake a market value of approximately $<FONT STYLE="color: black">91.7</FONT> million. As of that date, the carrying value of Tenaris&rsquo;s
ownership stake in Usiminas was approximately $ <FONT STYLE="color: black">121.3</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">The Company reviews its participation in Usiminas whenever events or circumstances
indicate that the asset&rsquo;s carrying amount may not be recoverable. As of March 31, 2024, the Company concluded that the carrying
amount did not exceed the recoverable value of the investment.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen S.A. de C.V. (&ldquo;Techgen&rdquo;) is a Mexican company that
operates a natural gas-fired combined cycle electric power plant in the Pesquer&iacute;a area of the State of Nuevo Le&oacute;n, Mexico,
with a power capacity of 900 MW. As of March 31, 2024, Tenaris held 22% of Techgen&rsquo;s share capital, and its affiliates, Ternium
and Tecpetrol Internacional S.L. (a wholly-owned subsidiary of San Faustin S.A. (&ldquo;San Faustin&rdquo;), the controlling shareholder
of both Tenaris and Ternium), beneficially owned 48% and 30%, respectively. As of March, 31, 2024, the carrying value of Tenaris&rsquo;s
ownership stake in Techgen was approximately $<FONT STYLE="color: black">56.8</FONT> million.</P>

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

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

<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 March 31, 2024, Tenaris&rsquo;s exposure under
these agreements amounted to $<FONT STYLE="color: black">38.6</FONT> million and $<FONT STYLE="color: black">16.8</FONT> million, respectively.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen&rsquo;s sponsors granted certain subordinated loans to Techgen.
As of March 31, 2024, the aggregate outstanding principal amount under these subordinated loans was $<FONT STYLE="color: black">287.4</FONT>
million, of which $<FONT STYLE="color: black">63.2</FONT> million correspond to Tenaris&rsquo;s contribution.</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Under the loan agreement, Techgen is committed to maintain a debt service
reserve account covering debt service becoming due during two consecutive quarters; such account is funded by stand-by letters of credit
issued for the account of Techgen&rsquo;s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company
applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of March 31, 2024, 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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><B>18</B></TD><TD STYLE="text-align: justify"><B>Contingencies, commitments and restrictions to the distribution of profits </B></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In 2013, the Company was notified of a lawsuit filed in Brazil by Companhia
Sider&uacute;rgica Nacional (&ldquo;CSN&rdquo;), and various entities affiliated with CSN against the Company&rsquo;s Brazilian subsidiary
Confab and three subsidiaries of Ternium, all of which compose the T/T Group under the Usiminas shareholders agreement. The entities named
in the CSN lawsuit had acquired a participation in Usiminas in January 2012. The CSN lawsuit alleges that, under applicable Brazilian
laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas ordinary shares
for a price per share equal to 80% of the price per share paid in such acquisition, or BRL28.8, and seeks an order to compel the acquirers
to launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas
not belonging to Usiminas&rsquo; control group. 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 was
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"><B>&nbsp;</B></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 March 31, 2024, the potential aggregate indemnification payable by Confab
could reach up to BRL<FONT STYLE="color: black">926.3</FONT> million (approximately $<FONT STYLE="color: black">185.4</FONT> million at
the BRL/$ 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">&#8195;</P>

<P STYLE="margin: 0pt 0 0pt 14.2pt; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect; </FONT><I>Veracel celulose accident litigation</I></P>

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

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

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    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">With respect to Chubb&rsquo;s claim, the court subsequently homologated the above-mentioned settlement
and, accordingly, the claim was finalized.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">With respect to Veracel&rsquo;s claim, Confab was ordered to pay the insurance deductible and other concepts
not covered by insurance, currently estimated to amount to BRL<FONT STYLE="color: black">103.8</FONT> 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">89.0</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; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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.
On February 22, 2024, the court of appeals referred the case to the court of cassation, which will be in charge of determining whether
or not the Italian courts have jurisdiction over 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 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"></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">In addition, Petrobras and the Brazilian public prosecutors filed civil
claims for damages against, among others, Confab and the Confab executives named in the criminal proceedings referred to above. Confab
became aware of these civil claims in September 2022. As of March 31, 2024, the aggregate amount of these claims was estimated at BRL<FONT STYLE="color: black">322.2</FONT>
million (or approximately $<FONT STYLE="color: black">64.5</FONT> million). The plaintiffs also seek that Confab be prohibited from contracting
with, or receiving benefits or exemptions from, the Brazilian state for an unspecified term. Confab believes these claims do not address
either the defense arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions and is vigorously
contesting them. At this stage, the Company cannot predict the outcome of these civil proceedings.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In late March 2024, the Company became aware of a resolution of Brazil&rsquo;s
General Controllers Office (&ldquo;CGU&rdquo;), which opened administrative responsibility proceedings against Confab and other non-Tenaris
affiliates and formed an investigative commission charged with investigating purported irregularities&nbsp;referred to in certain 2019
administrative proceedings; the commission is required to complete its investigation within 180 days. Confab has not been served notice
of either CGU&rsquo;s March 2024 resolution or the 2019 administrative proceedings and, as a result, the Company cannot express a view
on such administrative proceedings.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Following the Company&rsquo;s November 27, 2018, announcement that its
Chairman and CEO Paolo Rocca had been included in an Argentine court investigation known as the Notebooks Case (a decision subsequently
reversed by a higher court), two putative class action complaints were filed in the U.S. District Court for the Eastern District of New
York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &ldquo;In re Tenaris S.A. Securities Litigation&rdquo;,
and appointed lead plaintiffs and lead counsel.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly
on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014, through December 5, 2018. The individual
defendants named in the complaint are Tenaris&rsquo;s Chairman and CEO and Tenaris&rsquo;s former CFO. The complaint alleges that during
the class period, the Company and the individual defendants inflated the Tenaris share price by failing to disclose that the nationalization
proceeds received by Ternium (in which the Company held an 11.46% stake) when Sidor was expropriated by Venezuela were received or expedited
as a result of allegedly improper payments made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On October 9, 2020, the court granted in part and denied in part the defendants&rsquo;
motions to dismiss. The court partially granted and partially denied the motion to dismiss the claims against the Company and its Chairman
and CEO. In addition, the court granted the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris&rsquo;s former
CFO.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On April 10, 2023, the court granted preliminary approval to the class
settlement. The final settlement approval hearing was set for October 19, 2023, and on that date the court ordered that, prior to granting
final settlement approval, the lead plaintiffs submit an update letter advising the court of the status of the claims processing. After
the submission was made, on April 22, 2024, the court granted final approval to the settlement and closed the case.</P>

<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: 14.2pt"><FONT STYLE="font-family: Wingdings">&sect;<FONT STYLE="font-size: 10pt"> </FONT></FONT><I>Administrative proceeding concerning Brazilian tax credits</I></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Confab is a party to an administrative proceeding concerning the recognition
and transfer of tax credits for an amount allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer.
The proceeding resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly undue credits, which
was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&rsquo;s appeal, thereby
upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision. 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">61.0</FONT> million (approximately $<FONT STYLE="color: black">12.2</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"></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; text-indent: 14.2pt"><FONT STYLE="font-family: Wingdings">&sect;<FONT STYLE="font-size: 10pt">
</FONT></FONT><I>U.S. patent infringement litigation</I></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris Coiled Tubes, LLC (&ldquo;TCT&rdquo;), a U.S. subsidiary of the
Company, was sued in 2017 by its competitor Global Tubing, alleging defamatory conduct by TCT and seeking a declaration that certain Global
Tubing products do not infringe patents held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held
by TCT, and Global Tubing has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed an amended complaint
(including the Company as defendant), alleging, among other things, that TCT and the Company had misled the patent office. On March 20,
2023, the judge granted summary judgment in favor of Global Tubing, concluding that the patents at issue are unenforceable due to inequitable
conduct during the patent prosecution process. TCT appealed this judgment, and Global Tubing appealed a previous ruling of the judge.
Global Tubing also filed a brief seeking to recover attorneys&rsquo; fees, without specifying the amount of those fees. Although it is
not possible to predict the final outcome of this matter, the Company believes that any potential losses arising from this case will not
be material.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Certain subsidiaries of the Company entered into a contract with Praxair S.A. for the service of oxygen
and nitrogen supply. As of March 31, 2024, the aggregate amount to take or pay the committed volumes for an original 14-year term totaled
approximately $<FONT STYLE="color: black">33.4</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 Mexican <I>Comisi&oacute;n
Federal de Electricidad</I> (&ldquo;CFE&rdquo;) or its successors. The Company&rsquo;s subsidiary may instruct Techgen to sell to any
affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Company&rsquo;s
subsidiary will benefit from the proceeds of such sale.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A U.S. subsidiary of the Company is a party to a contract with Nucor Steel Memphis Inc. under which it
is committed to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The
contract became effective 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 March 31, 2024, the estimated aggregate contract amount calculated at current prices, was approximately
$<FONT STYLE="color: black">58.0</FONT> million. The contract gives the subsidiary of the Company the right to temporarily reduce the
quantities to be purchased thereunder to 75% of the agreed-upon minimum volume in cases of material adverse changes in prevailing economic
or market conditions.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 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">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 and 2024. The parties are expected to agree on the termination of the MDA.</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 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">80.0</FONT> million to use for manufacturing
welded pipes for the Raia fields project in Brazil.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A subsidiary of the Company entered into a contract with the supplier 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">30.3</FONT> million in case of early termination.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"></FONT></TD><TD></TD></TR></TABLE>

<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">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">17</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">4.0</FONT> billion as of March 31, 2024.</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>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black">Restrictions
on the distribution of profits and payment of dividends</FONT></I></B></P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2024, this reserve is fully allocated and additional allocations
to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.</P>

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

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

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

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

<P STYLE="color: #003366; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: -38.75pt; margin: 0pt 0 0pt 38.75pt">19<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Cancellation of title deed in Saudi Steel Pipe Company</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>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><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: 38.75pt"><B>20</B></TD><TD STYLE="text-align: justify"><B>Foreign exchange control measures in Argentina</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 Condensed Interim
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 0pt 0.5in; 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-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; 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 -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 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: 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 recently issued during the first three months of
2024 and is currently issuing newly created Bonds (&ldquo;BOPREALs&rdquo;), maturing in 2025, 2026 and 2027 with different amortization
schedules (and underlying conditions) 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. 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, 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; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The above-described measures substantially limit the ability of Argentine
companies to obtain foreign currency and make certain payments and distributions out of Argentina through the 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. It is still unclear if or when the new Argentine Securities Commission&rsquo;s authorities will eliminate or loosen
the remaining restrictions.</P>

<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 March 31, 2024, amounted
to a net <FONT STYLE="color: black">short</FONT> exposure of approximately $<FONT STYLE="color: black">79</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
$<FONT STYLE="color: black">360.6</FONT> 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 March 31, 2024, the total equity of Argentine subsidiaries represented
approximately <FONT STYLE="color: black">10%</FONT> of Tenaris&rsquo;s total equity and the sales made by Argentine subsidiaries during
the period ended March 31, 2024, amounted approximately to <FONT STYLE="color: black">19%</FONT> of Tenaris&rsquo;s total sales. Assets
and liabilities denominated in Argentine peso as of March 31, 2024, 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 Condensed Interim Financial Statements. Management continues to monitor closely the evolution of the main variables
affecting its business, identifying the potential impact thereof on its financial and economic situation and determining the appropriate
course of action in each case. These Consolidated Condensed Interim Financial Statements should be read taking into account these circumstances.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.75pt"><B>21</B></TD><TD STYLE="text-align: justify"><B>Related party transactions</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2024:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">San Faustin S.A., a Luxembourg <I>soci&eacute;t&eacute; anonyme</I>, owned 713,605,187 shares in the Company,
representing 60.45% of the Company&rsquo;s capital and <FONT STYLE="color: black">62.01%</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: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings
S.&agrave;.r.l., a Luxembourg <I>soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e</I> (&ldquo;Techint&rdquo;), who
is the holder of record of the above-mentioned Tenaris shares.</TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Transactions and balances disclosed as with &ldquo;non-consolidated parties&rdquo;
are those with companies over which Tenaris exerts significant influence 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;.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>(i)</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Transactions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(a) Sales of goods, services and other transactions</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of goods to associated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10,934</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11,524</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of goods to other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">28,850</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">36,433</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of services and others to associated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">167</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">424</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of services and others to joint ventures</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of services and others to other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">32,676</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">38,204</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>72,662</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>86,618</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(b) Purchases of goods, services and other transactions</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Purchases of goods to associated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">24,869</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">146,454</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Purchases of goods to joint ventures</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(2,691)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">19,739</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of goods to other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">25,085</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,512</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Purchases of services and others to associated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,319</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,589</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of services and others to other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,593</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">12,798</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>58,175</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>191,092</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(c) Financial Results</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Income from joint ventures</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,552</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,401</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,552</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,401</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; 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 -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 68%; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White; vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(ii)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Period-end balances</B></FONT></TD>
    <TD STYLE="background-color: White; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(a) Arising from sales / purchases of goods / services and other transactions</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from associated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">9,198</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7,589</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from joint ventures</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">64,646</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">63,374</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">28,475</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">62,986</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Payables to associated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(10,174)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(21,012)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Payables to joint ventures</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(12,450)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(28,361)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Payables to other related parties </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(7,643)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(11,488)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>72,052</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>73,088</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(b) Financial debt</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Lease liabilities from associated companies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1,349)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1,459)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Lease liabilities from other related parties</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(362)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(375)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,711)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,834)</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"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition to the tables above, the Company issued various guarantees
in favor of Techgen; for further details, see note <FONT STYLE="color: black">17</FONT> (c) and note <FONT STYLE="color: black">18</FONT>
(ii). No other material guarantees were issued in favor of other related parties.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.85pt"><B>22</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">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>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. On February 28, 2024, Tenaris submitted its price
adjustment request, which is currently under review 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">236.9</FONT>
million, assigned to Others segment, and represented a minor contribution to Tenaris&rsquo;s results for the period starting November
30, 2023 and ending March 31, 2024. 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"></P>

<!-- Field: Page; Sequence: 30 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 75%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: #666666"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #666666"><I>For the three-month period ended March 31, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="width: 25%; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The allocation of the fair values determined for the assets and liabilities
arising from the acquisition is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023):</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>$ million</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Property, Plant and Equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Working capital</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Cash and Cash Equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Net assets acquired</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The fair value of the net assets and liabilities acquired shown above amounted
to approximately $<FONT STYLE="color: black">169.0</FONT> million. As a result of the acquisition, Tenaris recognized a preliminary 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">Acquisition-related costs for the three-month period ended March 31, 2024,
amounted to $<FONT STYLE="color: black">0.3</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.75pt"><B>23</B></TD><TD STYLE="text-align: justify"><B>Share Buyback Program</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 and second tranches of the buyback program, Tenaris entered into non-discretionary buyback agreements with primary financial institutions
that make 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 the three- month period ended March 31, 2024 the Company purchased
<FONT STYLE="color: black">17,168,061 </FONT>shares, for a value of $<FONT STYLE="color: black">311.1</FONT> million. During the year
ended December 31, 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.</P>

<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 first tranche of the share buyback program was completed on January
12, 2024. On February 26, 2024, the second tranche started and is expected to end no later than May 24, 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">As of March 31, 2024, the Company held a liability in connection to the
shares to be settled under the second tranche of the buyback program that amounted to $<FONT STYLE="color: black">75.1</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">Further information on the buyback transactions is available on Tenaris&rsquo;s
corporate website under the Share Buyback Program Section.&nbsp;</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0 0pt 283.5pt; font-size: 10pt; text-align: center; text-indent: 4.5pt">Alicia M&oacute;ndolo</P>

<P STYLE="margin: 0pt 0 0pt 283.5pt; font-size: 10pt; text-align: center; text-indent: 4.5pt">Chief Financial Officer&#9;</P>

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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">28</P>



<P STYLE="border-bottom: Black 4pt solid; margin: 0pt 0; font-size: 10pt"></P>

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