<SEC-DOCUMENT>0001171843-24-004367.txt : 20240802
<SEC-HEADER>0001171843-24-004367.hdr.sgml : 20240802
<ACCEPTANCE-DATETIME>20240801190317
ACCESSION NUMBER:		0001171843-24-004367
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240802
DATE AS OF CHANGE:		20240801

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:		241168380

	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_073124.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 31 July, 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 ___</P>

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

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<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. Half-year report
2024 &ndash; Interim management report.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: 31 July 2024</P>

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

<P STYLE="color: #8E8E8E; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in; margin: 0pt 0"></P>

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<DIV STYLE="float: left; width: 49%">

<P STYLE="margin: 0pt 0; color: #8E8E8E; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt; font-variant: small-caps; text-transform: none">CERTAIN
DEFINED TERMS</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">Unless otherwise specified or if the context so requires:</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">References
                                            in this half-year report to &ldquo;the Company&rdquo; are exclusively to Tenaris S.A., a
                                            Luxembourg <I>soci&eacute;t&eacute; anonyme</I>.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">References
                                            in this half-year report to &ldquo;Tenaris&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or
                                            &ldquo;our&rdquo; are to Tenaris S.A. and its consolidated subsidiaries.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">References
                                            in this half-year report to &ldquo;San Faustin&rdquo; are to San Faustin S.A., a Luxembourg
                                            <I>soci&eacute;t&eacute; anonyme</I> and the Company&rsquo;s controlling shareholder.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;shares&rdquo;
                                            refers to ordinary shares, par value $1.00, of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;ADSs&rdquo;
                                            refers to the American Depositary Shares, which are evidenced by American Depositary Receipts,
                                            and represent two shares each.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;OCTG&rdquo;
                                            refers to oil country tubular goods.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;tons&rdquo;
                                            refers to metric tons; one metric ton is equal to 1,000 kilograms, 2,204.62 pounds, or 1.102
                                            U.S. (short) tons.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;billion&rdquo;
                                            refers to one thousand million, or 1,000,000,000.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;U.S.
                                            dollars&rdquo;, &ldquo;US$&rdquo;, &ldquo;USD&rdquo; or &ldquo;$&rdquo; each refers to the
                                            United States dollar.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;BRL&rdquo;
                                            refers to the Brazilian real.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;EUR&rdquo;
                                            refers to the Euro.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #8E8E8E; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="font-size: 8pt; font-variant: small-caps; text-transform: none">PURPOSE</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">This half-year report for the six-month period ended June 30,
2024, has been prepared in compliance with Article 4 of the Luxembourg Transparency Law of 11 January 2008 (as amended), and should be
read in conjunction with the annual report for the year ended December 31, 2023 (including the financial statements contained therein)
and the unaudited consolidated condensed interim financial statements included in this half-year report.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="color: #8E8E8E; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="font-size: 8pt; font-variant: small-caps; text-transform: none">PRESENTATION
OF CERTAIN FINANCIAL AND OTHER INFORMATION</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Accounting Principles</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">We prepare our consolidated financial statements in accordance
with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;)
and in conformity with IFRS as adopted by the European Union (&ldquo;EU&rdquo;). Additionally, this half-year report includes certain
non-IFRS alternative performance measures such as EBITDA, Net cash/debt position and Free Cash Flow. See Exhibit I for more details on
these alternative performance measures.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">We publish consolidated financial statements expressed in U.S.
dollars. The unaudited consolidated condensed interim financial statements included in this half-year report have been prepared in accordance
with IAS 34, &ldquo;Interim Financial Reporting&rdquo; as issued by the IASB and as adopted by the EU. These unaudited 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 IFRS. See note 2 &ldquo;Accounting Policies and Basis of Presentation&rdquo; to
our unaudited consolidated condensed interim financial statements included in this half-year report.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">The unaudited consolidated condensed interim financial statements
included in this half-year report have been reviewed by Ernst &amp; Young S.A. for purposes of complying with the requirements of the
jurisdictions where the Company&rsquo;s securities are traded, as required under EU regulation.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">Whenever necessary, certain comparative amounts have been reclassified
to conform to changes in presentation in the current period.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>Rounding</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">Certain monetary amounts, percentages and other figures included
in this half-year report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be
the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or,
as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>Our Internet Website is Not Part of this Half-Year Report</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">We maintain an Internet website at www.tenaris.com. Information
contained in or otherwise accessible through our Internet website is not a part of this half-year report. All references in this half-year
report to this Internet site are inactive textual references to these URLs, or &ldquo;uniform resource locators&rdquo; and are for informational
reference only. We assume no responsibility for the information contained on our Internet website.</FONT></P>

</DIV>


<DIV STYLE="float: right; width: 49%">
<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">This version of the half-year report is the only authoritative
version and is available on the Luxembourg Stock Exchange website:</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">https://my.luxse.com/FIRST</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="color: #8E8E8E; font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt; font-variant: small-caps"><B>CAUTIONARY STATEMENT
CONCERNING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="color: #8E8E8E; font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">This half-year report and any other oral or written statements
made by us to the public may contain &ldquo;forward-looking statements&rdquo; under applicable securities laws. Forward-looking statements
are based on management&rsquo;s current views and assumptions and are provided to allow potential investors the opportunity to understand
management&rsquo;s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating
an investment. Forward-looking statements involve known and unknown risks that could cause actual results, performance or events to differ
materially from those expressed or implied by those statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">We use words and terms such as &ldquo;aim&rdquo;, &ldquo;will
likely result&rdquo;, &ldquo;will continue&rdquo;, &ldquo;contemplate&rdquo;, &ldquo;seek to&rdquo;, &ldquo;future&rdquo;, &ldquo;objective&rdquo;,
&ldquo;goal&rdquo;, &ldquo;should&rdquo;, &ldquo;will pursue&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;,
&ldquo;project&rdquo;, &ldquo;intend&rdquo;, &ldquo;plan&rdquo;, &ldquo;believe&rdquo; and words and terms of similar substance to identify
forward-looking statements, but they are not the only way we identify such statements. This half-year report contains forward-looking
statements, including with respect to certain of our plans and current goals and expectations relating to Tenaris&rsquo;s future financial
condition and performance.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">Sections of this half-year report that by their nature contain
forward-looking statements include, but are not limited to, &ldquo;Principal Risks and Uncertainties&rdquo; and &ldquo;Business Overview&rdquo;.
In addition to the risks related to our business discussed under &ldquo;Principal Risks and Uncertainties&rdquo;, other factors could
cause actual results to differ materially from those described in the forward-looking statements. These factors include but are not limited
to:</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">our
                                            ability to implement our business strategy and to adapt it adequately to the energy transition;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">our
                                            ability to grow through acquisitions, joint ventures and other investments, or integrate
                                            newly acquired businesses or assets;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">our
                                            ability to provide value added products and services and price such products and services
                                            in accordance with our strategy;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">trends
                                            in the levels of investment in oil and gas exploration and drilling worldwide;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">the
                                            competitive environment or level of consolidation in our business and our industry;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">the
                                            impact of climate change legislation, including increasing regulatory requirements and extensive
                                            technology and market changes aimed at transitioning to a lower-carbon economy and reducing
                                            greenhouse gas (&ldquo;GHG&rdquo;) emissions;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">the
                                            physical risks resulting from climate change, including natural disasters, increased severity
                                            of extreme weather events, chronic climate changes and long-term shifts in weather patterns;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">our
                                            ability to absorb cost increases and to secure supplies of essential raw materials and energy;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">our
                                            ability to adjust fixed and semi-fixed costs to fluctuations in product demand;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">the
                                            impact of the world&rsquo;s economy on the energy sector in general, or our business and
                                            operations;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">general
                                            macroeconomic changes, including high inflation rates, inflation containment measures and
                                            foreign exchange measures, as well as, international conflicts, public health epidemics and
                                            other political, social, or economic conditions and developments in the countries in which
                                            we operate or distribute pipes, including developments in connection with the Russia-Ukraine
                                            and Middle East armed conflicts; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">changes
                                            to applicable laws and regulations, including the imposition of tariffs or quotas or other
                                            trade barriers.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">By their nature, certain disclosures relating to these and other
risks are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains
or losses or other occurrences or developments that may affect our financial condition and results of operations could differ materially
from those that have been estimated. You should not place undue reliance on forward-looking statements, which speak only as of the date
of this half-year report. Except as required by law, we are not under any obligation, and expressly disclaim any obligation to, update
or alter any forward-looking statements, whether as a result of new information, future events or otherwise</FONT></P></DIV>
<br clear="all">
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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="color: #8E8E8E; font-size: 10pt; margin: 0pt 0"><B>TABLE OF CONTENTS</B></P>

<P STYLE="color: #8E8E8E; font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Frutiger 45 Light">
    <TD STYLE="width: 90%; text-align: left; padding-top: 12pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_001">INTERIM MANAGEMENT REPORT</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 12pt; padding-bottom: 6pt"><A HREF="#a_001">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0in; padding-left: 11pt"><A HREF="#a_002">Company Overview</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0in"><A HREF="#a_002">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0in; padding-left: 11pt"><A HREF="#a_003">Principal Risks and Uncertainties</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0in"><A HREF="#a_003">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0in; padding-left: 11pt"><A HREF="#a_004">Outstanding Legal Proceedings</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0in"><A HREF="#a_004">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0in; padding-left: 11pt"><A HREF="#a_005">Business Overview</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0in"><A HREF="#a_005">12</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0in; padding-left: 11pt"><A HREF="#a_006">Other significant events of the period</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0in"><A HREF="#a_006">17</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0in; padding-left: 11pt"><A HREF="#a_007">Related Party Transactions</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0in"><A HREF="#a_007">19</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_008">MANAGEMENT CERTIFICATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 6pt"><A HREF="#a_008">20</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_009">FINANCIAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 6pt"><A HREF="#a_009">21</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0in; padding-left: 11pt"><A HREF="#a_009">Consolidated Condensed Interim Financial Statement</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0in"><A HREF="#a_009">21</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Frutiger 45 Light">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_010">EXHIBIT I &ndash; ALTERNATIVE PERFORMANCE MEASURES</A></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 6pt"><A HREF="#a_010">50</A></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

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

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

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

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<P STYLE="color: #008F00; font-size: 10pt; font-weight: bold; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; color: #008F00; font-size: 10pt; font-weight: bold"><A NAME="a_001"></A>INTERIM MANAGEMENT REPORT</P>

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

<P STYLE="color: #003366; font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0"><A NAME="a_002"></A>Company Overview</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Tenaris is a leading global manufacturer and supplier of steel pipe products and related services
for the world&rsquo;s energy industry and other industrial applications. Our customers include most of the world&rsquo;s leading oil &amp;
gas companies, and we operate an integrated network of steel pipe manufacturing, research, finishing and service facilities with industrial
operations in the Americas, Europe, the Middle East, Asia and Africa.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Although our operations are focused on serving the oil &amp; gas industry, we also supply pipes
and tubular components for non-energy applications. We develop and supply products and services for low-carbon energy applications such
as geothermal wells, waste-to-energy (bioenergy) power plants, hydrogen storage and transportation, and carbon capture and storage.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Through an integrated global network of R&amp;D, manufacturing, and service facilities, and
a team of more than 27,000 people worldwide, we work with our customers to meet their needs in a timely manner, observing the highest
levels of product performance and reliability.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">For more information on the Company, including its competitive strengths, business segments
and products see our annual report for the year ended December 31, 2023, and for a discussion and analysis of our financial condition
and results of operations see &ldquo;Business overview - Operating and Financial Review and Prospects&rdquo; in this half-year report.</P>

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

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

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

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

<P STYLE="margin: 0pt 0; color: #003366; font-size: 10pt; font-weight: bold; text-align: justify"><A NAME="a_003"></A>Principal Risks and Uncertainties</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We face certain risks, including risks associated to our business and the industry in which
we operate. We are a global steel pipe manufacturer with a strong focus on manufacturing products and related services for the oil and
gas industry.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Demand for steel pipe products from the oil and gas industry has historically been volatile
and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth, length, and drilling
conditions of these wells. The level of exploration, development and production activities of, and the corresponding capital spending
by, oil and gas companies, including national oil companies, depends primarily on current and expected future prices of oil and natural
gas and is sensitive to the industry&rsquo;s view of future economic growth and the resulting impact on demand for oil and natural gas.
Several factors, such as the supply and demand for oil and gas, the development and availability of new drilling technology, political
and global economic conditions, and government regulations, affect these prices. When the price of oil and gas falls, oil and gas companies
generally reduce spending on production and exploration activities and, accordingly, make fewer purchases of steel pipe products, which
may impact our results of operations.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">There is also an increased attention on GHG emissions and climate change from different sectors
of society. The Paris Agreement, adopted at the 2015 United Nations Climate Conference, sets out the global framework to limit the rising
temperature of the planet and to strengthen the countries&rsquo; ability to deal with the effects of climate change. The EU ETS signaled
a major EU energy policy to combat global warming based on a &ldquo;cap &amp; trade&rdquo; program, and the European Green Deal, launched
in 2019, focuses on adopting the required policies and measures aimed at reaching zero GHG emissions in Europe by 2050. The EU taxonomy
classification system, which establishes a list of environmentally sustainable economic activities, is designed to help the EU scale up
sustainable investment and implement the European Green Deal. More recently, the EU adopted the Corporate Sustainability Reporting Directive
(&ldquo;CSRD&rdquo;), which requires European large and medium companies and listed issuers to disclose information on their risks and
opportunities arising from social and environmental issues, and on the impacts of their activities on people and the environment (which,
in the case of the Company, will apply with respect to its 2024 annual report). In the United States, the U.S. Inflation Reduction Act
of 2022 calls for a reduction of carbon emissions by roughly 40% by 2030. Also, in response to an increasing investor focus and reliance
on climate and Environmental, Social and Governance (&ldquo;ESG&rdquo;) related disclosure and investment, the U.S. Securities and Exchange
Commission (&ldquo;SEC&rdquo;) adopted, in March 2024, climate-related disclosure rules (stayed by the SEC in April 2024 following a number
of petitions for review filed against the SEC) that, when final, will require registrants, including Tenaris from fiscal year 2025, to
significantly expand the climate-related disclosures in their periodic reports, including information about climate-related risks that
are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related
financial statement metrics in a note to their audited financial statements. Other countries are introducing or considering similar measures
or regulations, which aim at lowering emissions or which enhance disclosure of climate-related matters, including carbon emissions. If
there is no meaningful progress in lowering emissions in the years ahead, there is an increased likelihood of abrupt policy interventions
as governments attempt to meet their environmental goals by adopting policy, legal, technology and market changes in the transition to
a low-carbon global economy. We provide products and services to the oil and gas industry, which accounts, directly and indirectly, for
a significant portion of GHG emissions. Existing and future legislation and regulations related to GHG emissions (such as increased pricing
of GHG emissions and enhanced emissions-reporting obligations) and climate change, as well as government initiatives to promote the use
of alternative energy sources and substitute existing products and services with lower emissions options (with many jurisdictions implementing
tax advantages and other subsidies to promote the development of renewable energy sources, or even requiring minimum thresholds for power
generation from renewable sources) may significantly curtail demand for and production of fossil fuels, such as oil and natural gas. These
initiatives, together with the growing social awareness regarding climate change and other environmental matters, have resulted in increased
investor and consumer demand for renewable energy and additional compliance requirements for fossil energy projects, which are likely
to become more stringent over time and to result in substantial increases in costs for the oil and natural gas industry, potentially leading
to write-offs and early retirement of existing assets. Furthermore, ongoing technological developments in the renewable energy industry
are making renewable energy increasingly competitive with fossil-fuels. If this trend continues, energy demand could shift increasingly
towards more environmentally sustainable sources such as hydroelectrical, solar, wind and other renewable energies, which would, in turn,
reduce demand for oil and natural gas, thus negatively affecting demand for our products and services and, ultimately, our future results
of operations. In addition, adoption of new climate change legislation in the countries in which Tenaris operates could result in incremental
operating costs (such as incremental compliance costs and increased insurance premiums) and unexpected capital expenditures and, eventually,
affect our competitiveness and reduce our market share. Also, shifts in customer preferences and failure to respond to shareholders&rsquo;
demand for climate-related measures and environmental standards could harm our reputation, adversely affect the ability or willingness
of our customers or suppliers to do business with us, negatively impact workforce management and planning, erode stakeholder support and
restrict or reduce access to financial resources.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Our business has been, and in the future could be, affected by severe weather in areas where
we operate, which could materially affect our operations and financial results. Extreme weather conditions and natural disasters such
as hurricanes, extreme wind, flooding or coastal storm surges have resulted, and may in the future result, in the shutdown of our facilities,
evacuation of our employees, and activity disruptions at our clients&rsquo; well-sites or in our supply chain. For example, the severe
freeze in the United States and Mexico in early 2021, caused gas and power shortages in Texas, resulting in additional costs and production
disruptions and losses. Chronic climate changes, such as changes in precipitation patterns and rises in average temperatures and sea levels,
may result in increased operating costs or capital expenditures due to supply shortages or damage to facilities, higher insurance premiums
or reduced availability of insurance, decreases in revenue derived from lower production capacity, and write-offs or early retirement
of assets, all of which could adversely affect our financial condition, results of operations and cash flows.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We are subject to a wide range of local, state, provincial and national laws, local and international
regulations, permit requirements and decrees relating to the protection of human health and the environment, including laws and regulations
relating to hazardous materials and radioactive materials and environmental protection governing air emissions, water discharges and waste
management. Laws and regulations protecting the environment have become increasingly complex and more stringent and expensive to implement
in recent years. Additionally, international environmental requirements vary. Environmental laws and regulations may, in some cases, impose
strict liability rendering a person liable for damages to natural resources or threats to public health and safety without regard to negligence
or fault. Some environmental laws provide for joint and several strict liability for remediation of spills and releases of hazardous substances.
These laws and regulations may expose us to liability for the conduct of or conditions caused by others or for acts made in compliance
with all applicable laws at the time they were performed. Compliance with applicable requirements and the adoption of new requirements
could have a material adverse effect on our consolidated financial condition, results of operations or cash flows. The costs and ultimate
impact of complying with environmental laws and regulations are not always clearly known or determinable since regulations under some
of these laws have not yet been promulgated or are undergoing revision. The expenditures necessary to remain in compliance with these
laws and regulations, including site or other remediation costs, or costs incurred as a result of potential violations of environmental
laws could have a material adverse effect on our financial condition and profitability. While we incur and will continue to incur expenditures
to comply with applicable laws and regulations, there always remains a risk that environmental incidents or accidents may occur that may
negatively affect our reputation or our operations. In addition, our oil and gas casing, tubing and line pipe products (including specialty
tubing) are sold primarily for use in oil and gas drilling, gathering, transportation, processing and power generation facilities, which
are subject to inherent risks, including well failures, line pipe leaks, blowouts, bursts and fires, that could result in death, personal
injury, property damage, environmental pollution, damage to equipment and facilities or loss of production. Any of these hazards and risks
can result in environmental liabilities, personal injury claims and property damage.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Competition in the global market for steel pipe products may cause us to lose market share and
hurt our sales and profitability. In addition, there is an increased risk that unfairly-traded steel pipe imports in markets in which
Tenaris produces and sells its products may affect Tenaris&rsquo;s market share, deteriorate the pricing environment and hurt sales and
profitability.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Because of the global nature of our operations, we export and import products from several countries
and, in many jurisdictions, we supplement domestic production with imported products. We import OCTG from Argentina and Mexico to complement
our significant and growing production in the United States. From time to time, local producers seek the imposition of import restrictions
or the initiation of antidumping or countervailing duty proceedings. For example, in October 2021, the U.S. Department of Commerce (&ldquo;DOC&rdquo;)
initiated antidumping duty investigations of OCTG imports from Argentina, Mexico, and Russia and countervailing duty investigations of
OCTG imports from Russia and South Korea, which resulted in a determination by the International Trade Commission (&ldquo;ITC&rdquo;),
issued in October 2022, that the imports under investigation caused injury to the U.S. OCTG industry, bringing the investigation phase
to a conclusion. Although Tenaris and other parties have appealed the agencies&rsquo; determinations from the investigation to the Court
of International Trade, Tenaris is required to pay antidumping duty deposits while the order is in effect. In addition, several jurisdictions
have begun to impose or expand local content requirements.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">If countries continue to impose or expand local content requirements or put in place regulations
limiting our ability to import certain products, our competitive position could be negatively affected. In such case, we may not be able
to continue to compete effectively against existing or potential producers and preserve our current shares of geographic or product markets,
and increased competition may have a material impact on the pricing of our products and services, which could in turn adversely affect
our revenues, profitability and financial condition.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Our sales may also be affected as a result of other international trade regulations. The shipment
of goods and services across international borders exposes us to extensive trade laws and regulations. Our import and export activities
are governed by customs laws and regulations in each of the countries where we operate. Moreover, the European Union, the United States
and other countries control the import and export of certain goods and services and impose related import and export recordkeeping and
reporting obligations. Those governments have also imposed economic sanctions against certain countries, persons and other entities, such
as sanctions that restrict or prohibit transactions involving Iran, Syria, Venezuela and Russia or their citizens or companies. Similarly,
we are subject to the U.S. anti-boycott laws. Trade laws and regulations are complex and frequently changing, and they may be enacted,
amended, enforced or interpreted in a manner that could materially impact our operations.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Profitability may also be hurt if increases in the cost of raw materials, energy and other costs
and limitations or disruptions to the supply of raw materials and energy, result in higher costs of production that cannot be offset by
higher selling prices or if the limited availability of such resources forces us to curtail production. Disruptions to our manufacturing
processes could adversely impact our operations, affect customer service levels or our reputation, or expose us to liability and, consequently,
adversely affect our financial results. Low levels of capacity utilization or failure to retain qualified workforce could also affect
our results of operations and financial conditions. A recession in developed countries, a cooling of emerging market economies or an extended
period of below-trend growth in the economies that are major consumers of steel pipe products would likely result in reduced demand of
our products, adversely affecting our revenues, profitability and financial condition.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Regarding the impact of variations in product demand, we have fixed and semi-fixed costs (e.g.,
labor and other operating and maintenance costs) that cannot adjust rapidly in product demand for several reasons, including operational
constraints and regulatory restrictions. If demand of our products falls significantly, or if we are unable to operate due to, for example,
governmental measures or unavailability of workforce, these costs may adversely affect our profitability and financial condition. In addition,
if demand continues on high levels or increases, we may not be able to retain qualified workforce or hire additional employees soon enough.
Moreover, certain consequences of climate change, such as shifts in customer preferences, stigmatization of our industry or failure to
respond to shareholders&rsquo; demand for climate-related measures could negatively impact workforce management and planning, adversely
affecting employee attraction and retention.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Any adverse economic, political or social developments in the countries in which we operate
may negatively affect our revenues, profitability and financial condition. We have significant operations in various countries, including
Argentina, Brazil, Canada, China, Colombia, Indonesia, Italy, Mexico, Nigeria, Romania, Saudi Arabia, the United Arab Emirates and the
United States, and we sell our products and services throughout the world. Therefore, like other companies with worldwide operations,
our business and operations have been, and in the future could be, affected from time to time to varying degrees by political, economic,
social and public health developments and changes in laws and regulations. These developments and changes may include, among others, nationalization,
expropriation or forced divestiture of assets; restrictions on production, imports and exports, antidumping or countervailing duties,
travel, transportation or trade bans; interruptions in the supply of essential energy inputs; exchange and/or transfer restrictions, inability
or increasing difficulties to repatriate income or capital or to make contract payments; inflation; devaluation; war or other armed conflicts
(including the Ukraine-Russia armed conflict and regional conflicts in the Middle East and Africa); civil unrest and local security concerns,
including high incidences of crime and violence involving drug trafficking organizations that threaten the safe operation of our facilities
and operations; direct and indirect price controls; tax increases and changes (including retroactive) in the interpretation, application
or enforcement of tax laws and other claims or challenges; cancellation of contract or property rights; and delays or denials of governmental
approvals.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">An escalation of the Russia-Ukraine war and other armed conflicts may adversely affect our operations.
In February, 2022, Russia launched a military attack on Ukraine. In response, the United States, the European Union and the United Kingdom,
among other countries, have imposed a wave of sanctions against certain Russian institutions, companies and citizens. The Russian Government
has retaliated by banning airlines from its airspace and has ordered economic counter measures, including restrictions on residents transferring
foreign currency abroad. It has been more than two years since the conflict began and any resolution and timing thereof still remains
uncertain. Russia is a major supplier of oil and gas in Europe and worldwide, and Russia and Ukraine are both major global suppliers of
internationally traded steelmaking raw materials and semi-finished steel products. As a result of the armed conflict and related sanctions,
energy and commodity prices spiked upwards and foreign trade transactions involving Russian and Ukrainian counterparties have been severely
affected. A long-standing conflict makes it hard to predict how energy and commodity prices will continue to behave as higher prices and
possible shortages of energy and raw materials used in our steelmaking operations (including natural gas and electric energy, particularly
in Europe, steel scrap, pig iron, direct reduced iron, hot briquetted iron, ferroalloys, steel bars, coils and plates) would result in
higher production costs and potential plant stoppages, affecting our profitability and results of operations. As a result of existing
or future economic sanctions imposed on Russia, we or our contractors (including shipping companies) may not be able to continue purchasing
products from, or making payments to, Ukrainian or Russian suppliers or counterparties; and we may not be able to promptly procure such
raw materials from other suppliers, or we may be required to purchase raw materials at increased prices.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We have suspended any sales to Russian customers or purchases from Russian suppliers that would
breach applicable sanctions, and we have closed our representative office in Moscow. Furthermore, in March 2022, we recorded an impairment
in the amount of approximately $14.9 million, fully impairing our investment in our joint venture in Russia with Severstal.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Other ongoing armed conflicts, including the Middle East conflict and the ongoing shipping crisis
in the Red Sea, may disrupt our operations, increase our costs, and adversely affect our delivery times.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We plan to continue implementing our business strategy of consolidating our position as a leading
global supplier of integrated product and service solutions to the energy and other industries and adapting to the energy transition through
reducing the carbon emissions in our operations and developing and supplying products and services for low-carbon energy applications,
as well as continuing to pursue strategic investment opportunities. Any of the components of our overall business strategy could cost
more than anticipated (including as a result of increasing regulatory requirements aimed at transitioning to a lower-carbon economy),
may not be successfully implemented or could be delayed or abandoned. Even if we successfully implement our business strategy, it may
not yield the expected results, or decisions by our joint venture partners may frustrate our initiatives. In addition, one element of
our business strategy is to identify and pursue growth-enhancing strategic opportunities by making significant capital investments and
acquiring interests in, or businesses of, various companies. We must necessarily base any assessment of potential acquisitions, joint
ventures and capital investments, on assumptions with respect to timing, profitability, market and customer behavior, and other matters
that may subsequently prove to be incorrect. Our past or future acquisitions, significant investments and alliances may not perform in
accordance with our expectations and could adversely affect our operations and profitability. In addition, new demands on our existing
organization and personnel resulting from the integration of new acquisitions could disrupt our operations and adversely affect our operations
and profitability. Moreover, as part of future acquisitions, we may acquire assets that are unrelated to our business, and we may not
be able to integrate these assets or sell them under favorable terms and conditions. In addition, acquisitions may be subject to challenges
or investigations by governmental authorities, including antitrust and consumer-protection authorities. The costs of complying with authorization
or investigation procedures may be significant. Also, antitrust authorities are looking very closely at the effects of acquisitions and
may deny authorizations, impose conditions that may result in significant costs or deprive Tenaris of the advantages and expected synergies
of acquisitions, or initiate investigation upon challenges brought by third parties. Challenges to acquisitions or other investments,
and failure to obtain, or conditions imposed for the granting of, authorizations may prevent or delay transactions, which could have an
adverse effect on our financial condition and results of operations.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We are subject to tax laws in numerous foreign jurisdictions where we operate. The integrated
nature of our worldwide operations can produce conflicting claims from revenue authorities in different countries as to the profits to
be taxed in the individual countries, including disputes regarding transfer pricing. Most of the jurisdictions where we operate have double
tax treaties with foreign jurisdictions, which provide a framework for mitigating the impact of double taxation on our results. However,
mechanisms developed to resolve such conflicting claims are largely untried and can be expected to be very lengthy. In recent years, tax
authorities around the world have increased their scrutiny of company tax filings and have become more rigid in exercising any discretion
they may have. Our interpretation and application of the tax laws could differ from that of the relevant governmental taxing authority,
which could result in the payment of additional taxes, penalties or interest, negatively affecting our profitability and financial condition.
In December 2021, the OECD released the Pillar Two model rules (the Global Anti-Base Erosion rules, or &ldquo;GloBE&rdquo;) to reform
international corporate taxation. Following Pillar Two Organization for Economic Co-operation and Development&rsquo;s (&ldquo;OECD&rdquo;)
initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in
the Union, effective as from January 1, 2024. On December 20, 2023, the Luxembourg Parliament approved the Pillar Two law transposing
the EU Pillar Two Directive into domestic legislation. The law takes effect beginning in fiscal years starting on or after December 31,
2023. The Company is within the scope of the rules, and therefore is required to calculate its GloBE effective tax rate for each jurisdiction
where it operates and will be liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and
the 15% minimum rate, beginning in fiscal year 2024. Tenaris is assessing its exposure to the Pillar Two legislation and testing its situation
under the OECD transitional safe harbor rules, and has recognized an estimated current tax expense related to Pillar two (see note 9 &ldquo;Income
Tax&rdquo; to our unaudited consolidated condensed interim financial statements included in this half-year report). This assessment is
based on the most recent available information, however, there are still numerous areas of uncertainty in the application of the GloBE
Rules that require additional interpretative guidance to be issued by the OECD, and the respective tax authorities are in the process
of amending their regulations and issuing interpretations that might be binding also for 2024. As a consequence of the evolution of these
rules, the current tax expense related to Pillar two might need to be adjusted throughout the year. Uncertainties in the interpretation
of application of these new rules may negatively impact our results of operations. Furthermore, significant uncertainties remain in relation
to the potential adoption of additional new regulations that may result from evolving initiatives like those launched by the OECD and
the EU regarding international taxation that could negatively impact our financial condition, results of operations and cash flows.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We may be required to record a significant charge to earnings if we must reassess our goodwill
or other assets as a result of changes in assumptions underlying the carrying value of certain assets, particularly as a consequence of
deteriorating market conditions. At June 30, 2024 we had $1,090 million in goodwill corresponding mainly to the acquisition of Hydril
Company in 2007.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">As a global company, a portion of our business is carried out in currencies other than the U.S.
dollar, which is the Company&rsquo;s functional and presentation currency. As a result, we are exposed to foreign exchange rate risk,
which could adversely affect our financial position and results of operations. For more information on foreign exchange rate risk and
restrictions, and in particular for the current situation in Argentina, see note 20 &ldquo;Foreign exchange control measures in Argentina&rdquo;
to our unaudited consolidated condensed interim financial statements included in this half-year report.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We operate and conduct business globally, including in certain countries known to experience
high levels of corruption. Although we are committed to conducting business in a legal and ethical manner in compliance with local and
international statutory requirements and standards applicable to our business, there is a risk that our employees, representatives, associates,
affiliates, or other persons may take actions that violate applicable laws and regulations that generally prohibit offering or making
of improper payments to any individual, including to government officials, for the purpose of obtaining a benefit or undue advantage or
keeping business, as stated by the U.S. Foreign Corrupt Practices Act (&ldquo;FCPA&rdquo;) and other anti-corruption laws adopted by the
main countries in which we operate, which impose strict criminal liability on companies for corrupt practices undertaken by their employees
or representatives. In addition, we cannot give any assurance that we will detect all illegal activity that may have been conducted in
the past at any acquired business. Investigations by government authorities may occupy considerable management time and attention, weaken
company compliance culture and result in significant expenditures, fines, penalties or other sanctions, as well as private lawsuits.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">In addition, limitations on our ability to protect our intellectual property rights, including
our trade secrets, could cause a loss in revenue and any competitive advantage we hold.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Cyberattacks could have a material adverse impact on our business and results of operations.
We rely heavily on information systems to conduct our operations, and digital technologies have an increasingly significant role across
our business. Although we devote significant resources to protect our systems and data and we continually monitor and evaluate the actual
or potential impact of external developments and available information on threats and security incidents, we have experienced and will
continue to experience varying degrees of cyber incidents in the normal conduct of our business, which may occasionally include sophisticated
cybersecurity threats such as unauthorized access to data and systems, loss or destruction of data, computer viruses or other malicious
code, phishing, ransomware, spoofing, cyberattacks and/or cybersecurity risks arising from service providers. These threats often arise
from numerous sources, not all of which are within our control, such as fraud or malice from third parties, including fraud involving
business email compromises, failures of computer servers or other accidental technological failures, electrical or telecommunication outages
or other damage to our property or assets. In addition, emerging technologies, like generative artificial intelligence (&ldquo;AI&rdquo;),
which are becoming available more widely and faster, are expected to exacerbate cyber resilience challenges. Approximately half of executives
surveyed at the World Economic Forum&rsquo;s annual meeting on cybersecurity stated that advances in adversarial capabilities (phishing,
malware, deepfakes) present the most concerning impact of generative AI on cyber and fewer than one in ten respondents believe that in
the next two years generative AI will give the advantage to defenders over attackers. In 2023, we continued improving cybersecurity controls,
processes and procedures to monitor, detect, evaluate and respond to hacking, malware infection, cybersecurity compromise and other risks.
In addition, we continued with cybersecurity awareness and ethical phishing campaigns aimed at protecting us against cyberthreats, and
tailored cybersecurity training programs addressed to our executives and employees. However, given the rapidly evolving nature of cyberthreats,
there can be no assurance that the systems we have designed to prevent or limit the effects of cyber incidents or attacks will be adequate,
and such incidents or attacks could have a material adverse impact on our systems. While we attempt to mitigate these risks, we remain
vulnerable to known or unknown threats, including theft, misplacement or loss of data, programming errors, employee errors and/or dishonest
behavior that could potentially lead to the compromising of sensitive information, improper use of our systems or networks, as well as
unauthorized access, use, disclosure, modification or destruction of such information, systems and/or networks. If our systems for protecting
against cybersecurity risks are circumvented or breached, this could also result in disruptions to our business operations (including
but not limited to, defective products, production downtimes or loss of productivity), access to our financial reporting systems, the
loss of access to critical data or systems, misuse or corruption of critical data and proprietary information (including our intellectual
property and customer data), as well as&#8239;damage to our reputation with our customers and the market, failure to meet customer requirements,
customer dissatisfaction and/or&#8239;regulatory fines and penalties (including for inadequate protection of personal data and/or failure
to notify the competent authorities for such breach), damages and harm to the environment and people, or&#8239;other financial costs and
losses. In addition, given that cybersecurity threats continue to evolve, we will be required to devote additional resources in the future
to enhance our protective measures or to investigate and/or remediate any cybersecurity vulnerabilities.&#8239;Additionally, although
we periodically consider cyber insurance coverage options, we do not currently maintain cybersecurity insurance, and the insurance we
carry for&#8239;property damage and general liability may not be adequate or available to protect us from damages derived from cyberthreats
or coverage may be limited.&#8239;Moreover, any investigation of a cyberattack would take time before completion, during which we would
not necessarily know the extent of the actual or potential harm or how best to remediate it, and certain errors or actions could be repeated
or compounded before duly discovered and remediated (all or any of which could further increase the costs and consequences arising out
of such cyberattack).&#8239;In addition, failure to adequately and timely monitor and evaluate our hardware and software systems and applications
to prevent or manage technology obsolescence risks may result in increased costs, increased operational risk of service failure, loss
of technology competitiveness and reputation.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">As a holding company, our subsidiaries&rsquo; ability to pay cash dividends and make other payments
to us depends on the results of operations and financial condition of such subsidiaries, which could be restricted by legal, contractual
or other limitations, including exchange controls or transfer restrictions, and other agreements and commitments of our subsidiaries.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The Company&rsquo;s controlling shareholder may be able to take actions that do not reflect
the will or best interests of other shareholders.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; color: #003366; font-size: 10pt; font-weight: bold; text-align: justify"><A NAME="a_004"></A>Outstanding Legal Proceedings</P>

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">See note 18 &ldquo;Contingencies, commitments and restrictions to the distribution of profits&rdquo;
to our unaudited consolidated condensed interim financial statements included in this half-year report for a summary description of Tenaris&rsquo;s
material outstanding legal proceedings as of the date of such financial statements.</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; color: #003366; font-size: 10pt; font-weight: bold; text-align: justify"><A NAME="a_005"></A>Business Overview</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Operating and Financial Review and Prospects</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following discussion and analysis should be read in conjunction with the audited consolidated
financial statements and the related notes included in our annual report for the year ended December 31, 2023, and is based on, and should
be read in conjunction with, the unaudited consolidated condensed interim financial statements for the six-month period ended June 30,
2024, included in this half-year report.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Certain information contained in this discussion and analysis and presented elsewhere in this
half-year report, including information with respect to our plans and strategy for our business, includes forward-looking statements that
involve risks and uncertainties. See &ldquo;Cautionary Statement Concerning Forward-Looking Statements&rdquo; in this half-year report.
In evaluating this discussion and analysis, you should specifically consider the various risk factors identified in &ldquo;Principal Risks
and Uncertainties&rdquo;, other risk factors identified elsewhere in this half-year report and other factors that could cause results
to differ materially from those expressed in such forward-looking statements.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The outlook for oil demand and supply remains solid even if the announced rollback of OPEC+
voluntary production cuts has introduced some uncertainty.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">OCTG imports into the United States have remained high through the year, while oil and gas drilling
activity is being affected by ongoing industry consolidation, low natural gas prices and high financing costs for smaller operators. OCTG
inventories have risen and prices continue to fall.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Political and economic volatility is affecting drilling activity in Mexico and Argentina, and
there are delays in defining the pipeline infrastructure investment required to further develop the prolific Vaca Muerta shale.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">In the rest of the world, demand from offshore developments and for gas drilling associated
with LNG projects remains supportive going into 2025.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">In the third quarter, our sales and EBITDA will be affected by lower activity in the United
States and Latin America and the extended decline in OCTG prices in the Americas. As anticipated, we will have maintenance stoppages at
many of our mills, including the installation of a new furnace at our Siderca steel shop.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Considering this environment, we are acting to reduce costs, increase competitiveness and align
our industrial system.</P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: justify">(all amounts in thousands of U.S. dollars, unless otherwise stated)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Net sales</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">6,763,221</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">100.0</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,216,094</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">100.0</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Cost of sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,277,666</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(63.2</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,574,943</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(55.7</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Gross profit</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,485,555</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">36.8</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">3,641,151</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">44.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,004,820</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(14.9</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,016,083</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Other operating income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">25,485</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">0.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,356</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(182,847</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(2.7</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,880</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.1</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,323,373</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">19.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,629,544</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">32.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Finance Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">125,173</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1.9</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">93,753</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Finance Cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(36,305</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(0.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(67,924</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.8</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other financial results, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(56,447</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(0.8</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,551</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.4</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,355,794</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">20.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,689,924</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">32.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in (losses) earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(34,340</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(0.5</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">148,927</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1.8</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before income tax</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,321,454</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">19.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,838,851</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">34.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(223,003</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(3.3</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(573,604</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7.0</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Income for the period</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,098,451</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">16.2</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,265,247</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">27.6</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,072,166</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">15.9</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,251,656</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">26,285</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">0.4</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,591</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.2</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,098,451</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,265,247</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 283.7pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Selected consolidated financial position data</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic">Thousands of U.S. dollars</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Current assets</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">9,820,513</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">10,504,459</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Property, plant and equipment, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">6,092,354</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,078,179</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other non-current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">5,186,864</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,499,257</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">21,099,731</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">21,081,895</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,159,687</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,901,975</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">21,386</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,304</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Deferred tax liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">495,368</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">631,605</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other non-current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">506,591</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">469,574</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Total liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,183,032</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,051,458</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Capital and reserves attributable to the owners of the parent</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">16,708,130</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,842,972</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">208,569</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">187,465</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">16,916,699</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,030,437</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities and equity</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">21,099,731</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">21,081,895</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Six-month period ended June 30, 2024, compared to six-month period ended June 30, 2023</B></P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Our sales in the first half of 2024 decreased 18% compared to the first half of 2023 as volumes
of tubular products shipped decreased 6% and tubes average selling prices decreased 16% while sales in the Others segment increased 74%.
Following the decrease in sales, mainly due to the tubes average price decline, EBITDA margin declined from 35.1% to 24.2% and EBITDA
declined 43%. EBITDA includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation
in Usiminas, included in other operating expenses. Additionally, related to the same case, net income includes an $83 million loss from
our participation in Ternium.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Cash flow provided by operating activities amounted to $1.8 billion during the first half of
2024, including a reduction in working capital of $276 million. After capital expenditures of $333 million, our free cash flow amounted
to $1.5 billion. Following a dividend payment of $459 million in May 2024 and share buybacks for $803 million in the semester, our positive
net cash position amounted to $3.8 billion at the end of June 2024.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following table shows our net sales by business segment for the periods indicated below:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic">Millions of U.S. dollars</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid"><B>Increase / Decrease</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt">Tubes</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">6,200</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">92</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: white">7,892</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">96</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: white">(21</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: white">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Others</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">563</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">8</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">324</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">74</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">6,763</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">100</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">%</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">8,216</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">100</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">(18</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">%)</TD></TR>
  </TABLE>


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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following table indicates for our Tubes business segment, sales volumes of seamless and
welded pipes for the periods indicated below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic">Thousands of tons</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid"><B>Increase / Decrease</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt">Seamless</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,582</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">1,684</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">(6</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Welded</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">496</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">538</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(8</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,078</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,222</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">%)</TD></TR>
  </TABLE>


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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following table indicates, for our Tubes business segment, net sales by geographic region,
operating income and operating income as a percentage of net sales for the periods indicated below:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic">Millions of U.S. dollars</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Net sales</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Increase / Decrease</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; text-align: left">- North America</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,896</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">4,371</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">(34</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">- South America</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,196</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,868</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(36</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">- Europe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">493</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">522</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">- Asia Pacific, Middle East and Africa</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,614</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,131</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">43</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total net sales</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">6,200</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">7,892</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(21</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,219</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,563</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(52</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Operating income (% of sales)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">19.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><I>Net sales of tubular products and services </I>decreased 21% to $6,200 million in the first
half of 2024, compared to $7,892 million in the first half of 2023 due to a 6% decrease in volumes and a 16% decrease in average selling
prices. Price declines were concentrated in the Americas, more so in North America, and were partially offset by increases in Europe and
Asia Pacific, Middle East and Africa. Average drilling activity in the first half of 2024 decreased 14% in the United States and Canada
and increased 3% internationally compared to the first half of 2023.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I><FONT STYLE="font-size: 8pt"><I>Half-year report 2024 - Interim management report</I></FONT></I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><I>Operating results from tubular products and services</I> amounted to a gain of $1,219 million
in the first half of 2024 compared to $2,563 million in the first half of 2023. The decline in operating results is mainly due to the
decline in average selling prices and the corresponding impact on margins. Additionally, in the first six months of 2024 our Tubes operating
income includes a charge of $171 million loss from the provision for ongoing litigation related to the acquisition of a participation
in Usiminas, included in other operating expenses. On the other hand, operating income in the first six months of 2024 includes gains
amounting to $39 million from positive resolutions of legal claims in Mexico and Brazil.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following table indicates, for our Others business segment, net sales, operating income
and operating income as a percentage of net sales for the periods indicated below:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic">Millions of U.S. dollars</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid"><B>Increase / Decrease</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; text-align: left">Net sales</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">563</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">324</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">74</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">105</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">67</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">57</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Operating income (% of sales)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">18.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><I>Net sales of other products and services</I> increased 74% to $563 million in the first half
of 2024, compared to $324 million in the first half of 2023. The increase in sales is almost entirely due to the consolidation of the
coating business acquired at the end of 2023.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Operating results from other products and services </I>amounted to a
gain of $105 million in the first half of 2024, compared to $67 million in the first half of 2023. Results were mainly derived from our
sucker rods business, our newly acquired coating business and our oilfield services business in Argentina.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Selling, general and administrative expenses, or SG&amp;A, </B>amounted to $1,005 million
in the first half of 2024, representing 14.9% of sales, and $1,016 million in the first half of 2023, representing 12.4% of sales. SG&amp;A
expenses decreased 1% but increased as a percentage of sales due to the 18% decline in revenues, mainly due to lower Tubes average selling
prices.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Other operating results </B>amounted to a loss of $157 million in the first six months of
2024, compared to a gain of $4 million in the same period of 2023. In the first six months of 2024 we recorded a $171 million loss from
provision for ongoing litigation related to the acquisition of a participation in Usiminas. For more information, see note 18 &ldquo;Contingencies,
commitments and restrictions to the distribution of profits - CSN claims relating to the January 2012 acquisition of Usiminas&rdquo; to
our unaudited consolidated condensed interim financial statements included in this half-year report.&#8195;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Financial results </B>amounted to a gain of $32 million in the first half of 2024, compared
to a gain of $60 million in the first half of 2023. While net finance income increased due to a higher net financial position, other financial
results were negatively affected by a loss from the change in fair value of U.S. dollar denominated Argentine bonds, while foreign exchange
results decreased in the first half of 2024 in respect to the first half of 2023.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Equity in (losses) earnings of non-consolidated companies </B>generated a loss of $34 million
in the first half of 2024, compared to a gain of $149 million in the first half of 2023. These results were mainly derived from our equity
investment in Ternium and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing
litigation related to the acquisition of a participation in Usiminas on our Ternium investment. For more information, see note 18 &ldquo;Contingencies,
commitments and restrictions to the distribution of profits - CSN claims relating to the January 2012 acquisition of Usiminas&rdquo; to
our unaudited consolidated condensed interim financial statements included in this half-year report.&#8195;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Income tax </B>amounted to a charge of $223 million in the first half of 2024, compared to
$574 million in the first half of 2023. The lower income tax charge reflects the reduction in results at several subsidiaries.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I><FONT STYLE="font-size: 8pt"><I>Half-year report 2024 - Interim management report</I></FONT></I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following table provides certain information related to our cash generation and changes
in our cash and cash equivalents position for the periods indicated below:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic">Millions of U.S. dollars</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Net cash provided by operating activities</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,822</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">2,262</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Net cash used in investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,298</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,021</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net cash used in financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,272</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(552</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Decrease in cash and cash equivalents</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(748</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(311</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Cash and cash equivalents at the beginning of the period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,617</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,091</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Effect of exchange rate changes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(26</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Decrease in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(748</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(311</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Cash and cash equivalents at period end (net of overdrafts)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">849</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">755</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Cash and cash equivalents at period end (net of overdrafts)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">849</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">755</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Bank overdrafts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Other current investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,452</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,850</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,121</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">367</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Current borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(560</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(642</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(21</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(51</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivatives hedging borrowings and investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,843</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,287</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Net cash provided by operating activities during the first half of 2024 amounted to $1.8 billion
(including a reduction in working capital of $276 million), compared to cash provided by operations of $2.3 billion (net of an increase
in working capital of $167 million) in the first half of 2023.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Capital expenditures amounted to $333 million in the first half of 2024, compared to $282 million
in the first half of 2023. Free cash flow amounted to $1.5 billion in the first half of 2024, compared to $2.0 billion in the first half
of 2023.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Following a dividend payment of $459 million in May 2024 and share buybacks of $803 million
in the semester, our positive net cash position amounted to $3.8 billion at the end of June 2024.</P>

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

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

<P STYLE="margin: 0pt 0; color: #003366; font-size: 10pt; font-weight: bold; text-align: justify"><A NAME="a_006"></A>Other significant events of the period</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I>Annual General Meeting of Shareholders</I></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">On April 30, 2024, the Company&rsquo;s annual general meeting of shareholders and extraordinary
general meeting of shareholders approved all resolutions on their agendas.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Among other resolutions adopted at the annual general meeting, shareholders acknowledged the
Company&rsquo;s 2023 annual report, containing the consolidated management report and the related management certifications and external
auditors&rsquo; reports, and the Company&rsquo;s 2023 annual sustainability report, containing the non-financial statement required by
Luxembourg law. The shareholders also approved the consolidated financial statements as of and for the year ended December 31, 2023, and
the annual accounts as at December 31, 2023.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The annual general meeting also approved an annual dividend of $0.60 per outstanding share (or
$1.20 per ADS), which represents an aggregate sum of approximately $694 million, and which includes the interim dividend of $0.20 per
outstanding share ($0.40 per ADS), or approximately $235 million, paid in November 2023. Tenaris paid the balance of the annual dividend
in the amount of $0.40 per share entitled to dividends (or $0.80 per ADR), in U.S. dollars, which represented approximately $459 million,
on May 22, 2024, with an ex-dividend date of May 20, 2024, and record date of May 21, 2024.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The shareholders resolved to set the number of directors to eleven and approved the re-appointment
of Mr. Simon Ayat, Mr. Roberto Bonatti, Mr. Carlos Condorelli, Mr. Germ&aacute;n Cur&aacute;, Ms. Maria Novales-Flamarique, Mr. Gianfelice
Mario Rocca, Mr. Paolo Rocca, Mr. Jaime Serra Puche, Ms. Monica Tiuba and Mr. Guillermo Vogel, and the appointment of Ms. Molly Montgomery
as new director. All board members will hold office until the meeting that will be convened to decide on the 2024 annual accounts. In
a subsequent meeting, the board of directors re-elected Mr. Simon Ayat, Mr. Jaime Serra Puche and Ms. Monica Tiuba as audit committee
members, with Ms. Tiuba continuing to serve as the committee&rsquo;s chair. All members of the audit committee qualify as independent
directors for purposes of the U.S. Securities Exchange Act Rule 10A-3(b)(1) and under the Company&rsquo;s articles of association.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">In addition, the annual general meeting approved the compensation payable to the members of
the Board for the year ending December 31, 2024, the Compensation Report for the year 2023 and a revised Compensation Policy, applicable
to the Company&rsquo;s directors and the chief executive officer, effective as from the year 2024. The meeting also approved Ernst &amp;
Young&rsquo;s fees for the fiscal year ending December 31, 2024.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I>Extraordinary General Meeting of Shareholders</I></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The extraordinary general meeting of shareholders held immediately after the annual general
meeting resolved to approve the cancellation of 17,779,302 ordinary shares held in treasury by the Company acquired throughout the first
tranche of its share buyback program and resolved to approve the corresponding reduction of the issued share capital of the Company and
the amendment of the first paragraph of article 5 of the Company&rsquo;s articles of association. As a result, effective April 30, 2024,
the share capital of the Company was reduced from US$1,180,536,830 (represented by 1,180,536,830 shares with a par value of US$1 per share)
to US$1,162,757,528 (represented by 1,162,757,528 shares with a par value of US$1 per share).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Copies of the minutes of the annual general meeting and extraordinary general meeting, and copy
of the amended articles of association can be downloaded from Tenaris&rsquo;s website at ir.tenaris.com/corporate-governance/annual-general-meeting.</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">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. The buybacks may be ceased, paused and continued at any time, subject to compliance
with applicable laws and regulations.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">The program is divided into tranches.
For purposes of carrying out each tranche 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. </FONT></P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">During the six- month period ended June
30, 2024 the Company purchased 48,873,790 shares, for a value of $830.8 million. During the year ended December 31, 2023, the Company
purchased 12,648,091 shares, for a value of $213.7 million. </FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">The first, second and third tranches
of the share buyback program were completed on January 12, April 29, and June 13, 2024, respectively. On June 17, 2024, the fourth tranche
started and is expected to end no later than October 31, 2024. </FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">On April 30, 2024, the extraordinary
shareholders meeting approved the cancellation of 17,779,302 ordinary shares held in treasury by the Company, which had been acquired
throughout the first tranche of its share buyback program, and resolved to approve the corresponding reduction of the issued share capital
of the Company and the amendment of the first paragraph of article 5 of the Company&rsquo;s articles of association. As a result, effective
April 30, 2024, the share capital of the Company was reduced from $1,180,536,830 (represented by 1,180,536,830 shares with a par value
of $1 per share) to $1,162,757,528 (represented by 1,162,757,528 shares with a par value of $1 per share).</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">As of June 30, 2024, the Company held
a liability in connection to the shares to be settled under the fourth tranche of the buyback program that amounted to $186.9 million,
out of which $159.5 million were valued at fair value.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">As of December 31, 2023, the Company
held a liability in connection to the shares to be settled under the first tranche of the buyback program that amounted to $86.2 million,
valued at fair value.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">Further information on the buyback transactions
is available on Tenaris&rsquo;s corporate website under the Share Buyback Program Section.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; color: #003366; font-size: 10pt; font-weight: bold; text-align: justify"><A NAME="a_007"></A>Related Party Transactions</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Tenaris is a party to several related party transactions which include, among others, purchases
and sales of goods (including steel pipes, flat steel products, steel bars, raw materials, gas and electricity) and services (including
engineering services and related services) from or to entities controlled by San Faustin S.A., the controlling shareholder of Tenaris,
(&ldquo;San Faustin&rdquo;), or in which San Faustin holds significant interests. Material related party transactions are subject to the
review of the audit committee of the Company&rsquo;s board of directors and the requirements of the Company&rsquo;s articles of association
and Luxembourg law. For further detail on Tenaris&rsquo;s related party transactions, see note 22 &ldquo;Related party transactions&rdquo;
to our unaudited consolidated condensed interim financial statements included in this half-year report.<BR STYLE="clear: both"></P>

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

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

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

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

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

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

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

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

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<P STYLE="margin: 0pt 0; color: #008F00; font-size: 10pt; font-weight: bold"><A NAME="a_008"></A>MANAGEMENT CERTIFICATION</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">We confirm, to the best of our knowledge, that:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>the unaudited consolidated condensed interim financial statements prepared in conformity with International Financial Reporting Standards
included in this half year report give a true and fair view of the assets, liabilities, financial position and profit or loss of Tenaris
S.A. and its consolidated subsidiaries, taken as a whole; and</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>the interim management report included in this half year report includes a fair review of the important events that have occurred
during the six-month period ended June 30, 2024, and their impact on the unaudited consolidated condensed interim financial statements
for such period, material related party transactions and a description of the principal risks and uncertainties they face.</TD></TR></TABLE>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%; font-size: 10pt">s/ Paolo Rocca</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
  </TABLE>


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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">July 31, 2024</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%; font-size: 10pt">s/ Alicia M&oacute;ndolo</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period <BR>
ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended <BR>
June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Notes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: justify">Net sales</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">3</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">3,321,677</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4,074,913</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">6,763,221</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,216,094</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Cost of sales</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">4</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,143,614</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,267,164</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,277,666</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,574,943</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Gross profit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,178,063</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,807,749</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,485,555</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">3,641,151</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">5</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(496,688</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(528,736</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,004,820</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,016,083</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Other operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">9,461</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,443</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">25,485</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,356</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating expenses</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">6</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(179,127</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,266</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(182,847</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,880</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Operating income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">511,709</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,278,190</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,323,373</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">2,629,544</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">68,884</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,866</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">125,173</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">93,753</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance Cost</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(15,722</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(36,379</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(36,305</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(67,924</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other financial results, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">7</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">4,021</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">30,074</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(56,447</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,551</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">568,892</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,317,751</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,355,794</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">2,689,924</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in (losses) earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">8</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(82,519</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">95,921</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(34,340</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">148,927</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">486,373</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,413,672</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,321,454</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">2,838,851</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Income tax</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">9</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(138,147</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(277,632</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(223,003</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(573,604</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Income for the period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">348,226</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,136,040</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,098,451</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">2,265,247</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">335,186</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">1,123,029</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,072,166</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">2,251,656</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">13,040</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,011</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">26,285</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">13,591</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">348,226</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,136,040</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,098,451</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">2,265,247</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Earnings per share attributable to shareholders' equity during the period:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Weighted average number of outstanding ordinary shares (thousands)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,138,138</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,180,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,148,838</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,180,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Basic and diluted earnings per share (U.S. dollars per share)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">0.29</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.95</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">0.93</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.91</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per ADS (U.S. dollars per ADS) <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">0.59</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.90</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1.87</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.81</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> Each ADS equals two shares.</FONT></P>

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">The accompanying notes are an integral part
of these Consolidated Condensed Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">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.</FONT></P>

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

<!-- Field: Page; Sequence: 24; Options: NewSection; Value: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>
June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended <BR>
June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; font-weight: bold; text-align: left">Income for the period</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">348,226</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,136,040</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,098,451</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">2,265,247</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Items that may be subsequently reclassified to profit or loss:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(11,797</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">699</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(37,808</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,161</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Change in value of cash flow hedges and instruments at fair value <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">55,511</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(151,668</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">158,719</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(142,036</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax relating to components of other comprehensive income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">24,591</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">From participation in non-consolidated companies:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;- Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(21,199</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,607</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(27,674</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,539</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;- Changes in the value of cash flow hedges, instruments at fair value</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">10,338</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(17,526</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">42,158</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(18,701</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">32,853</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(157,888</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">159,986</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(127,037</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Items that will not be reclassified to profit or loss:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Remeasurements of post-employment benefit obligations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(6,874</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,695</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(6,892</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,695</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax on items that will not be reclassified</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,235</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">945</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,694</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">944</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Remeasurements of post-employment benefit obligations of non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(324</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,043</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(681</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,010</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(4,963</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(3,793</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(4,879</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(3,761</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Other comprehensive income (loss) for the period</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">27,890</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(161,681</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">155,107</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(130,798</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total comprehensive income for the period</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">376,116</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">974,359</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,253,558</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,134,449</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">363,244</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">961,355</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,227,707</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,120,719</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">12,872</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,004</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">25,851</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,730</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">376,116</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">974,359</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,253,558</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,134,449</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> Mainly related to the change
in the fair value of U.S. dollar-denominated Argentine bonds. For more information see note <FONT STYLE="color: black">20</FONT>.</FONT></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: justify"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">The accompanying notes are an integral part
of these Consolidated Condensed Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">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.</FONT></P>

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

<!-- Field: Page; Sequence: 25; Value: 22 -->
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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>
<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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">At June 30, 2024</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Notes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">(Unaudited)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left; text-indent: 9pt">Property, plant and equipment, net</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">11</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">6,092,354</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,078,179</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Intangible assets, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">12</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,351,706</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,377,110</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Right-of-use assets, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">155,084</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">132,138</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Investments in non-consolidated companies</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">17</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,537,730</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,608,804</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">NC</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">14</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,127,967</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">405,631</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Deferred tax assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">820,274</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">789,615</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Receivables, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">194,103</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">11,279,218</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">185,959</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">10,577,436</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Inventories, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">3,834,623</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,921,097</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Receivables and prepayments, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">231,223</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">228,819</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Current tax assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">261,642</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">256,401</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Trade receivables, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,185,425</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,480,889</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">CA</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,989</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,801</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Other investments <FONT STYLE="color: white">C</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">14</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,452,375</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,969,631</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">14</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">850,236</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">9,820,513</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,637,821</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">10,504,459</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">21,099,731</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">21,081,895</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">16,708,130</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,842,972</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">208,569</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">187,465</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">16,916,699</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">17,030,437</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">LIABILITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">21,386</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,304</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Lease liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">108,811</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">96,598</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">NCL</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">255</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Deferred tax liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">495,368</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">631,605</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Other liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">301,166</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">271,268</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">96,614</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,023,345</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">101,453</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,149,483</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">559,517</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">535,133</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Lease liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">47,542</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">37,835</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">CL</FONT></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,776</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,895</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Current tax liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">381,159</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">488,277</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Other liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">640,584</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">422,645</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">206,498</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35,959</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Customer advances</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">298,158</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">263,664</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Trade payables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,020,453</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">3,159,687</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,107,567</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">2,901,975</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,183,032</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,051,458</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity and liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">21,099,731</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">21,081,895</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </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"><FONT STYLE="font-size: 8pt">The accompanying notes are an integral part
of these Consolidated Condensed Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">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.</FONT></P>

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

<!-- Field: Page; Sequence: 26; Value: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></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>
<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 CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="31" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Shareholders'
    equity</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Share
    <BR>
Capital <SUP>(1)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Treasury
    <BR>
Shares <SUP>(2)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Legal
    <BR>
Reserves</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Share
    <BR>
Premium</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Currency
    <BR>
Translation <BR>
Adjustment</FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Other
    <BR>
Reserves <SUP>(4)</SUP></B></FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Retained
    <BR>
Earnings <SUP>(5)</SUP></B></FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Non-<BR>
controlling
    <BR>
interests</FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(Unaudited)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; width: 10%; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 8pt">Balance at December
    31, 2023</FONT></TD><TD STYLE="background-color: White; width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,180,537</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(213,739</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">118,054</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">609,733</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(990,171</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(603,978</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">16,742,536</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">16,842,972</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">187,465</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">17,030,437</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: White"><FONT STYLE="font-size: 8pt">Income
    for the period</FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,072,166</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,072,166</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">26,285</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,098,451</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Currency translation adjustment</FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(37,374</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(37,374</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(434</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(37,808</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: White; font-size: 10pt; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Remeasurements of post-employment benefit
    obligations, net of taxes</FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(4,198</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(4,198</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(4,198</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Change in value of instruments at
    fair value through other comprehensive income and cash flow hedges, net of taxes <SUP>(6)</SUP></FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">183,310</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">183,310</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">183,310</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">From other comprehensive
    income of non-consolidated companies</FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(27,674</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">41,477</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">13,803</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">13,803</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: White"><FONT STYLE="font-size: 8pt">Other
    comprehensive income (loss) for the period</FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(65,048</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">220,589</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">155,541</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(434</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">155,107</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Total comprehensive
    income (loss) for the period</FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(65,048</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">220,589</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,072,166</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,227,707</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">25,851</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,253,558</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Repurchase of own shares <SUP>(2)</SUP></FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(830,755</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(830,755</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(830,755</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Cancellation of own shares <SUP>(3)</SUP></FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(17,779</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">299,931</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(1,778</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(280,374</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Changes in share buyback program liability</FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(73,238</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(73,238</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(73,238</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Acquisition and other changes in non-controlling
    interests</FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,115</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,115</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Dividends paid
    in cash</FONT></TD><TD STYLE="background-color: White; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(458,556</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(458,556</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(5,862</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(464,418</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Balance at
    June 30, 2024</FONT></TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">1,162,758</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(744,563</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">116,276</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">609,733</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(1,055,219</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">(456,627</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">17,075,772</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">16,708,130</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">208,569</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">16,916,699</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: rgb(242,242,242)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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 June 30, 2024 there were <FONT STYLE="color: black">1,162,757,528
</FONT>shares issued. All issued shares are fully paid.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP> As of June 30, 2024, the Company
held <FONT STYLE="color: black">43,742,579</FONT> shares as treasury shares. For more information see note <FONT STYLE="color: black">24</FONT>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(3) </SUP>On April 30, 2024, the extraordinary
general meeting of shareholders approved the cancelation of <FONT STYLE="color: black">17,779,302</FONT> ordinary shares held in treasury
by the Company and the corresponding reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally
reduced.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(4)</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, the changes in value of cash flow hedges and in financial instruments measured at fair value through other comprehensive
income and the changes in share buyback program liability.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(5)</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>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(6) </SUP>Mainly related to the change
in the fair value of U.S. dollar-denominated Argentine bonds. For more information see note <FONT STYLE="color: black">20</FONT>.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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"><FONT STYLE="font-size: 8pt">The accompanying notes are an integral part
of these Consolidated Condensed Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">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.</FONT></P>

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

<!-- Field: Page; Sequence: 27; Value: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></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" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="27" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shareholders'
    equity</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Share
    <BR>
Capital <SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Legal
    <BR>
Reserves</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Share
    <BR>
Premium</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Currency
    <BR>
Translation <BR>
Adjustment</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Other
    <BR>
Reserves <SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Retained
    <BR>
Earnings <SUP>(3)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Non-<BR>
controlling
    <BR>
interests</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(Unaudited)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 8pt">Balance at December
    31, 2022</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,180,537</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">118,054</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">609,733</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(1,138,681</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(325,572</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,461,638</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,905,709</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">128,728</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">14,034,437</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 8pt">Income
    for the period</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,251,656</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,251,656</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,591</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,265,247</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Currency translation adjustment</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">18,022</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">18,022</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">139</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">18,161</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-left: 8.7pt"><FONT STYLE="font-size: 8pt">Remeasurements of post-employment benefit
    obligations, net of taxes</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(555</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,196</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(1,751</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(1,751</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 8.7pt"><FONT STYLE="font-size: 8pt">Change in value of instruments at
    fair value through other comprehensive income and cash flow hedges, net of taxes <SUP>(4)</SUP></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(142,036</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(142,036</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(142,036</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 8.7pt"><FONT STYLE="font-size: 8pt">From other comprehensive
    income of non-consolidated companies</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">15,539</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(20,711</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(5,172</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(5,172</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 8pt">Other
    comprehensive (loss) income for the period</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">33,561</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(163,302</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(1,196</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(130,937</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">139</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(130,798</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Total comprehensive
    income (loss) for the period</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">33,561</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(163,302</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,250,460</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,120,719</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,730</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,134,449</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 8.7pt"><FONT STYLE="font-size: 8pt">Acquisition and other changes in non-controlling
    interests <SUP>(5)</SUP></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">540</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">540</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">35,873</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">36,413</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Dividends paid
    in cash</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(401,383</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(401,383</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(17,437</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(418,820</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Balance at
    June 30, 2023</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,180,537</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">118,054</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">609,733</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(1,105,120</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(488,874</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">15,311,255</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">15,625,585</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">160,894</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">15,786,479</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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 June 30, 2023 there were 1,180,536,830
shares issued. All issued shares were fully paid.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(4)</SUP> Mainly related to change in
the fair value of U.S. dollar-denominated Argentine bonds. For more information see note <FONT STYLE="color: black">20</FONT>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(5)</SUP> Mainly related to GPC acquisition.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">The accompanying notes are an integral part
of these Consolidated Condensed Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">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.</FONT></P>

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

<!-- Field: Page; Sequence: 28; Value: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></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>
<P STYLE="color: #009900; font-size: 10pt; text-align: left; margin: 0pt 0"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Notes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; font-weight: bold; text-align: justify">Income for the period</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,098,451</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right">2,265,247</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Adjustments for:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">11, 12 &amp; 13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">313,951</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">256,034</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Bargain purchase gain</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6 &amp; 23</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,211</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Provision for the ongoing litigation related to the acquisition of participation in Usiminas</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6 &amp; 18</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">170,610</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Income tax accruals less payments</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">21</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(113,562</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">57,174</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Equity in (losses) earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">8</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">34,340</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(148,927</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Interest accruals less payments, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">21</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,635</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(21,940</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,732</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">39,933</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes in working capital <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">21</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">275,518</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(166,762</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Others, including net foreign exchange</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">52,448</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(18,355</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash provided by operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,822,178</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,262,404</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Capital expenditures</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">11 &amp; 12</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(333,415</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(282,249</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in advances to suppliers of property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(10,515</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,244</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Acquisition of subsidiaries, net of cash acquired <SUP>(**)</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">23</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">25,946</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,108</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Loan to joint ventures</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">17</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,745</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,235</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from disposal of property, plant and equipment and intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">6,135</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,375</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends received from non-consolidated companies</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">17</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">53,136</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43,513</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Changes in investments in securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,036,752</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,787,629</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash used in investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,298,210</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,021,089</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Dividends paid</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">10</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(458,556</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(401,383</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid to non-controlling interest in subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(17,437</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Changes in non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,115</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,739</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Acquisition of treasury shares</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">24</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(803,386</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Payments of lease liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(33,382</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(23,769</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,195,096</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,032,038</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Repayments of borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,172,599</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,143,087</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,271,712</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(551,899</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Decrease in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(747,744</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(310,584</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Movement in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">At the beginning of the period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,616,597</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,091,433</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Effect of exchange rate changes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(20,158</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(25,578</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Decrease in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(747,744</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(310,584</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At June 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">848,695</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">755,271</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;At June 30, </B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">2024</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Cash and bank deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">850,236</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">755,305</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Bank overdrafts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,541</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(34</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">848,695</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">755,271</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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">(11.1)</FONT> million for the six-month period ended June 30, 2024
and $<FONT STYLE="color: black">9.1</FONT> million for the six-month period ended June 30, 2023.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(**) </SUP>For the six-month period
ended June 30, 2024, related to Mattr&rsquo;s pipe coating business unit acquisition. For more information see note 23.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">For the six-month period ended June 30, 2023,
related to GPC acquisition.</FONT></P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">The accompanying notes are an integral part
of these Consolidated Condensed Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">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.</FONT></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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 (losses) earnings of non-consolidated companies</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">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">Cash flow disclosures</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">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">23</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">24</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>
  </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>

<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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="color: #009900; font-size: 10pt; text-align: 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: 0.5in"><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 Company&rsquo;s principal 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 July 31, 2024.</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>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 reporting 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 of investments in associates; income taxes including recoverability of deferred tax assets;
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 Statements 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">If necessary, comparative amounts have been reclassified to conform to
changes in presentation in the current period.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></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; 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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Six-month period ended June 30, 2024 - (Unaudited)</TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tubes</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; width: 55%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</TD><TD STYLE="background-color: White; width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; font-weight: bold; text-align: right">1,241</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; font-weight: bold; text-align: right">105</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; font-weight: bold; text-align: right">1,346</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left">Difference in cost of sales</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(23</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses) and others</TD><TD STYLE="background-color: White; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</TD><TD STYLE="background-color: White; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,323</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left">Financial income (expense), net</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,356</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in (losses) of non-consolidated companies</TD><TD STYLE="background-color: White; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(34</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</TD><TD STYLE="background-color: White; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,321</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-style: italic; text-align: left">Net Sales</TD><TD STYLE="background-color: White; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">6,200</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">563</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">6,763</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</TD><TD STYLE="background-color: White; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">271</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">43</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">314</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; 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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Six-month period ended June 30, 2023 - (Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tubes</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,558</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">68</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,626</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Difference in cost of sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses) and others</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,630</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Financial income (expense), net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,690</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">149</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Income before income tax</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,839</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Net Sales</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">7,892</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">324</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">8,216</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">246</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">10</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">256</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; 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">The main differences in net income under
the IFRS and management views arise from the impact of functional currencies on financial result, deferred income taxes as well as the
equity in (losses) earnings of non-consolidated companies.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">North <BR>
America</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">South <BR>
America</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Europe</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Asia Pacific, <BR>
Middle East <BR>
and Africa</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; text-align: left">Six-month period ended June 30, 2024 - (Unaudited)</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; width: 45%; font-size: 10pt; text-align: justify">Net sales</TD><TD STYLE="background-color: White; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">3,091,084</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">1,404,070</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">589,273</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">1,678,794</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right">6,763,221</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left">Capital expenditures</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">128,597</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">129,086</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">58,582</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,150</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">333,415</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left">Depreciation and amortization</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">183,101</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60,978</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">39,841</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,031</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">313,951</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; text-align: left">Six-month period ended June 30, 2023 - (Unaudited)</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: justify">Net sales</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,442,908</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,033,186</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">587,663</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,152,337</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">8,216,094</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left">Capital expenditures</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">83,725</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">132,223</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46,347</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,954</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">282,249</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left">Depreciation and amortization</TD><TD STYLE="background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">143,199</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">53,141</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">36,199</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,495</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">256,034</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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 six-month period ended June, 30, 2024 and 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">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 less than 20% of the Company&rsquo;s overall credit exposure as of June 30, 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 six-month period ended June 30, 2024 and 2023, r<FONT STYLE="color: black">evenues related
to governmental institutions represented approximately 28% and 26% respectively.</FONT></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Revenues Tubes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Oil &amp; Gas</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">5,541</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">6,962</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Oil &amp; Gas processing plants</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">308</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">441</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Industrial, Power and Others</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">351</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">489</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">6,200</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,892</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; font-weight: bold; text-align: justify">Inventories at the beginning of the period</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,921,097</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right">3,986,929</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Changes in inventories due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,584</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">50,329</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Plus: Charges of the period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Raw materials, energy, consumables and other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,512,092</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,814,218</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Services and fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">245,658</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">221,133</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Labor cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">760,512</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">689,318</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">237,633</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">199,826</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">5,753</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,918</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">15,521</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,534</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Maintenance expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">214,317</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">198,502</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Allowance for obsolescence</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">13,520</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,780</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">74,209</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">167,236</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">115,561</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">116,144</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,191,192</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4,472,378</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Inventories at the end of the period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(3,834,623</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,884,364</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,277,666</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,574,943</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> For the six-month period ended
June, 30, 2024, related to the adjustments resulting from the purchase price allocation of Mattr&rsquo;s pipe coating business unit acquisition.
For more information see note <FONT STYLE="color: black">23</FONT>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">For the six-month period ended June, 30,
2023, related to GPC acquisition.</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: 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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify">Services and fees</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">91,329</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">82,713</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Labor cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">363,074</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">313,367</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">12,199</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,265</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">23,529</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,987</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">19,316</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,504</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Freights and other selling expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">335,958</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">391,682</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Provisions for contingencies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">17,965</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">37,620</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Allowances for doubtful accounts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,061</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,456</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">82,055</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">96,188</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">60,456</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">55,301</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,004,820</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,016,083</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Other operating income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Results from sundry assets</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">5,600</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">7,040</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Net rents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,341</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,580</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Bargain purchase gain</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,211</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">15,333</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,736</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">25,485</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">12,356</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Other operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Contributions to welfare projects and non-profits organizations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(11,677</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,604</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Allowance for doubtful receivables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(560</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(276</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Provision for the ongoing litigation related to the acquisition of participation in Usiminas. See note 18 (i).</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(170,610</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(182,847</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(7,880</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(157,362</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">4,476</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Bargain purchase gain: </I>Related to Mattr&rsquo;s pipe coating business
unit acquisition. 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">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">123,181</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">89,430</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net result on changes in FV of financial assets at FVTPL</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,992</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,323</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Finance Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">125,173</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">93,753</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Finance Cost</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(36,305</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">(67,924</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange transactions results</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">22,709</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">40,655</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange derivatives contracts results</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,131</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">(5,948</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(75,025</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(156</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Other Financial results, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(56,447</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">34,551</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net Financial results</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">32,421</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">60,380</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Finance Income:</I> For the six-month period ended June, 30, 2024 includes
$26.5 million of interest related to instruments carried at FVTPL and includes $37.8 million of interest related to instruments carried
at FVTOCI.</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 <FONT STYLE="color: black">20</FONT>.</P>

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

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

<!-- Field: Page; Sequence: 34; Value: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></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>8</B></TD><TD><B>Equity in (losses) earnings of non-consolidated companies</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">From non-consolidated companies</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(34,340</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">132,936</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Remeasurement of previously held interest</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,505</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Bargain purchase gain</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,486</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(34,340</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">148,927</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>From non-consolidated companies: </I>For the six-month period ended
June 30, 2024, includes a loss of $82.6 million related to a provision for the ongoing litigation related to the acquisition of participation
in Usiminas.</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>Remeasurement of previously held interest </I>and <I>Bargain purchase
gain: </I>For the six-month period ended June 30, 2023, related to GPC acquisition.</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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Current tax</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">(389,392</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">(479,455</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">166,389</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(94,149</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Tax charge</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(223,003</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(573,604</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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. In the six-month period ended June, 30, 2024, Tenaris recognized
an estimated current tax expense related to Pillar Two, amounting to $<FONT STYLE="color: black">34.7</FONT> million.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>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">April 30, 2024</FONT>, the Company&rsquo;s
shareholders approved an annual dividend in the amount of $<FONT STYLE="color: black">0.60</FONT> per outstanding share ($<FONT STYLE="color: black">1.20</FONT>
per ADS). The amount approved by the shareholders included the interim dividend previously paid on <FONT STYLE="color: black">November
22, 2023</FONT>, in the amount of $<FONT STYLE="color: black">0.20</FONT> per outstanding share ($<FONT STYLE="color: black">0.40</FONT>
per ADS). The balance, amounting to $<FONT STYLE="color: black">0.40</FONT> per outstanding share ($<FONT STYLE="color: black">0.80</FONT>
per ADS), was paid on <FONT STYLE="color: black">May 22, 2024</FONT>, for an amount of approximately $459 million. In the aggregate, the
interim dividend paid in November 2023 and the balance paid in May 2024 amounted to approximately $694 million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On <FONT STYLE="color: black">May 3, 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 on <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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">Six-month period ended June 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify; background-color: white">Opening net book amount</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">6,078,179</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">5,556,263</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(17,787</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,359</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(10,463</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">172,689</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">305,312</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">261,283</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Disposals / Consumptions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(8,926</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,017</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Transfers / Reclassifications</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(4,129</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,349</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation charge</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(249,832</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(210,091</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">6,092,354</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,779,137</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> For the six-month period ended
June, 30, 2024, related to the adjustments resulting from the purchase price allocation of Mattr&rsquo;s pipe coating business unit acquisition.
For more information see note <FONT STYLE="color: black">23</FONT>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">For the six-month period ended June, 30,
2023, related to GPC acquisition.</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">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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">Six-month period ended June 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify; background-color: white">Opening net book amount</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,377,110</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">1,332,508</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(142</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(28,212</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">52</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">28,103</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,966</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Transfers / Reclassifications</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">4,129</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,349</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Amortization charge</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(29,282</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21,905</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,351,706</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,334,036</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> For the six-month period ended
June, 30, 2024, related to the adjustments resulting from the purchase price allocation of Mattr&rsquo;s pipe coating business unit acquisition.
For more information see note <FONT STYLE="color: black">23</FONT>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">For the six-month period ended June, 30,
2023, related to GPC acquisition.</FONT></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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify; background-color: white">Six-month period ended June 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify; background-color: white">Opening net book amount</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">132,138</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">111,741</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Currency translation adjustment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(247</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">103</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Increase due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,451</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">59,124</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28,240</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Disposals / Consumptions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,094</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,947</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; background-color: white">Depreciation charge</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(34,837</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(24,038</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt; background-color: white">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">155,084</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">115,550</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> For the six-month period ended
June, 30, 2023, related to GPC acquisition.</FONT></P>

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

<!-- Field: Page; Sequence: 36; Value: 22 -->
    <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 -->34<!-- 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"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Land and Civil Buildings</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">34,040</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">38,492</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Industrial Buildings, Plant and Production Equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">96,120</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">72,813</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Vehicles, furniture and fixtures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">21,952</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,988</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Others</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,972</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,845</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">155,084</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">132,138</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Six-month period ended June 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Opening net book amount</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">134,432</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">112,177</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(2,399</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,692</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(37</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,361</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">58,811</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28,220</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Cancellations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,618</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,075</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Repayments of lease liabilities including interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(35,725</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(25,195</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest accrued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,889</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,858</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt; background-color: white">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">156,353</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">118,038</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> For the six-month period ended
June, 30, 2024, related to the adjustments resulting from the purchase price allocation of Mattr&rsquo;s pipe coating business unit acquisition.
For more information see note <FONT STYLE="color: black">23</FONT>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">For the six-month period ended June, 30,
2023, related to GPC acquisition.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 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">46%</FONT>
and <FONT STYLE="color: black">24%</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 June 30, 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">26%</FONT>, <FONT STYLE="color: black">40%</FONT>
and <FONT STYLE="color: black">34%</FONT>, respectively.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">Cash at banks</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">550,830</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: white">370,487</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Liquidity funds</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">245,097</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">223,424</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Short-term investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">54,309</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">1,043,910</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">850,236</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,637,821</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Other investments - current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,004,080</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">834,281</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,121,789</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">896,166</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Fund investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">326,506</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">239,184</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">2,452,375</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,969,631</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Other investments - non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,100,834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">398,220</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">20,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Others</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">7,133</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">7,411</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,127,967</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">405,631</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 37; Value: 22 -->
    <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 -->35<!-- 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"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></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>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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other derivatives</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">4,989</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,801</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Contracts with positive fair values</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">4,989</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">9,801</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other derivatives</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">5,776</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,150</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Contracts with negative fair values</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">5,776</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">11,150</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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">&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>16</B></TD><TD><B>Category of financial instruments and classification within the fair value hierarchy</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table illustrates the three hierarchical levels for valuing
financial instruments at fair value and those measured at amortized cost as of June 30, 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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Carrying</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Measurement
    Categories</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">At
    Fair Value</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">June
    30, 2024 - (Unaudited)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">amount</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Amortized
    Cost</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Fair
    Value</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level
    1</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level
    2</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Level 3</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">850,236</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">605,139</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">245,097</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">245,097</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other investments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,452,375</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,121,789</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,330,586</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,330,586</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 8.7pt">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">1,121,789</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">1,121,789</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">U.S. Sovereign Bills</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">74,673</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">74,673</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Certificates of Deposits</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">558,532</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">558,532</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Commercial Papers</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">284,365</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">284,365</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other notes</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">204,219</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">204,219</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt; text-indent: 8pt">Bonds and other fixed income</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">1,004,080</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">1,004,080</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">1,004,080</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">U.S. government securities</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">439,422</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">439,422</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">439,422</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Non - U.S. government securities</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">31,020</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31,020</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31,020</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Corporates securities</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">533,638</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">533,638</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">533,638</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt; text-indent: 8pt">Mutual Fund</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">326,506</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">326,506</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">326,506</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">4,989</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">4,989</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">4,989</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other Investments Non-current</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,127,967</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">20,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,107,967</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,100,834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">7,133</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">1,100,834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,100,834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,100,834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 8.7pt">Fixed income (time-deposit, zero coupon bonds, commercial papers)</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">20,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">20,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other investments</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">7,133</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,133</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,133</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade receivables</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,185,425</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,185,425</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Receivables C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">425,326</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">151,383</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other receivables</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">151,383</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">151,383</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 8pt">Other receivables (non-financial)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">273,943</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,083,736</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,688,639</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,676,517</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,989</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,133</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Borrowings C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">580,903</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">580,903</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade payables</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,020,453</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,020,453</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other liabilities C and NC <SUP>(*)</SUP></I></B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">941,750</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">35,875</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">159,499</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">159,499</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other liabilities</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">195,374</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35,875</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">159,499</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">159,499</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other liabilities (non-financial)</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">746,376</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Lease Liabilities C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">156,353</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">156,353</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Derivative financial instruments</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">5,776</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">5,776</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">5,776</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,793,584</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">165,275</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,776</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">159,499</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> Includes liability related
to share buyback program. See note <FONT STYLE="color: black">24</FONT> to these Consolidated Condensed Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">Certain non-financial assets and liabilities
were included in the above table to allow reconciliation with the Statement of Financial Position.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">Due to their short time nature, the carrying
amounts of trade receivables, trade payables, other financial receivables, other financial liabilities and other investments are considered
to be similar to their fair values.</FONT></P>

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

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

<!-- Field: Page; Sequence: 38; Value: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></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" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Measurement Categories</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At Fair Value</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">December 31, 2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">amount</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,637,821</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,414,397</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">223,424</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">223,424</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other investments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,969,631</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">896,166</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,073,465</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,073,465</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid; text-indent: 1.6pt">Fixed income (time-deposit, zero coupon bonds, commercial papers)</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">896,166</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">896,166</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">U.S. Sovereign Bills</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">282,225</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">282,225</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Certificates of deposits</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">334,637</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">334,637</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Commercial papers</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">196,708</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">196,708</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other notes</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">82,596</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">82,596</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid; text-indent: 1.6pt">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">834,281</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">834,281</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">834,281</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">U.S. government securities</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">126,399</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">126,399</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">126,399</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Non-U.S. government securities</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">10,943</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,943</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,943</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Corporates securities</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">696,939</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">696,939</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">696,939</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid; text-indent: 1.6pt">Mutual Fund</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">239,184</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">239,184</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">239,184</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">9,801</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">9,801</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">9,801</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other Investments Non-current</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">405,631</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">405,631</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">398,220</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">7,411</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">398,220</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">398,220</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">398,220</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other investments</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">7,411</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,411</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,411</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade receivables</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,480,889</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,480,889</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Receivables C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">414,778</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">93,144</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other receivables</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">93,144</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">93,144</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: 8pt">Other receivables (non-financial)</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">321,634</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,884,596</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,712,321</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,695,109</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">9,801</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,411</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Borrowings C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">583,437</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">583,437</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade payables</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,107,567</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,107,567</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other liabilities C and NC <SUP>(*)</SUP></I></B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">693,913</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">86,240</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">86,240</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other liabilities</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">86,240</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">86,240</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">86,240</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 8pt">Other liabilities (non-financial)</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">607,673</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Lease Liabilities C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">134,433</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">134,433</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">11,150</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">11,150</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">11,150</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,825,437</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">97,390</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,150</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">86,240</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> Includes liability related
to share buyback program. See note <FONT STYLE="color: black">24</FONT> to these Consolidated Condensed Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">Certain non-financial assets and liabilities
were included in the above table to allow reconciliation with the Statement of Financial Position.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">Due to their short time nature, the carrying
amounts of trade receivables, trade payables, other financial receivables, other financial liabilities and other investments are considered
to be similar to their fair values.</FONT></P>

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

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

<!-- Field: Page; Sequence: 39; Value: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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.
For more information see note <FONT STYLE="color: black">24</FONT>.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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">99.1%</FONT>
of its carrying amount including interests accrued as of June 30, 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>

<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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; background-color: white">At the beginning of the period</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,608,804</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">1,540,646</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Translation differences</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(27,674</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,539</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Equity in (losses)/ earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(34,340</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">132,936</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Dividends and distributions received <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(50,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(41,348</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Decrease due to step-acquisition <SUP>(**)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(23,453</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Increase / (decrease) in equity reserves and others</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">41,477</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(20,711</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">At the end of the period</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,537,730</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,603,609</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*) </SUP>During the six-month period
ended June 30, 2024 and 2023 $<FONT STYLE="color: black">53.1</FONT> million and $<FONT STYLE="color: black">43.5</FONT> million were
respectively collected. These dividends are derived from our investments in Ternium and Usiminas.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(**) </SUP>Related to GPC acquisition.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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 June 30, 2024, the closing price of Ternium&rsquo;s ADSs as quoted
on the New York Stock Exchange was $<FONT STYLE="color: black">37.55</FONT> per ADS, giving Tenaris&rsquo;s ownership stake a market value
of approximately $<FONT STYLE="color: black">862.6</FONT> million. As of that date, the carrying value of Tenaris&rsquo;s ownership stake
in Ternium, based on Ternium&rsquo;s Consolidated Condensed Interim Financial Statements, was approximately $<FONT STYLE="color: black">1,367.9</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">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 June 30, 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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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 June 30, 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">7.63</FONT> ($<FONT STYLE="color: black">1.37</FONT>)
and BRL<FONT STYLE="color: black">7.91</FONT> ($<FONT STYLE="color: black">1.42</FONT>), respectively, giving Tenaris&rsquo;s ownership
stake a market value of approximately $<FONT STYLE="color: black">67.0</FONT> million. As of that date, the carrying value of Tenaris&rsquo;s
ownership stake in Usiminas was approximately $ <FONT STYLE="color: black">110.6</FONT> million.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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 June 30, 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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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 June 30, 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 June, 30, 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"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">Techgen entered into certain transportation
capacity agreements and an agreement for the purchase of clean energy certificates. As of June 30, 2024, Tenaris&rsquo;s exposure under
these agreements amounted to $<FONT STYLE="color: black">37.8</FONT> million and $<FONT STYLE="color: black">16.7</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 June 30, 2024, the aggregate outstanding principal amount under these subordinated loans was $<FONT STYLE="color: black">293.7</FONT>
million, of which $<FONT STYLE="color: black">64.6</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, 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 June 30, 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18</B></TD><TD STYLE="text-align: justify"><B>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: 0.5in"><B><I>(i)</I></B></TD><TD STYLE="text-align: justify"><B><I>Contingencies</I></B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><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 0.5in; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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 0.5in; font-size: 10pt; text-align: justify; text-indent: -0.5in">&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 alleged 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 sought 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. At an October 17, 2023 session, two justices of the
SCJ 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 of the SCJ 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.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On June 18, 2024, the SCJ completed its voting on CSN&rsquo;s motion for
clarification and reversed, by majority vote, its March 7, 2023 decision, and resolved that Confab and the three subsidiaries of Ternium
should pay CSN an indemnification in connection with the acquisition by the T/T Group of a participation in Usiminas in January 2012,
with CSN being allowed to retain ownership of the Usiminas ordinary shares it currently owns. Depending on how the indemnification is
calculated by other courts, and assuming monetary adjustment and interest through June 30, 2024, the potential aggregate indemnification
payable by Confab could reach up to BRL<FONT STYLE="color: black">948.4</FONT> million (approximately $<FONT STYLE="color: black">170.6</FONT>
million at the BRL/$ 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. The Company also believes that the June 18, 2024 SCJ decision on CSN&rsquo;s motion for clarification is contrary to applicable
substantive and procedural law and Confab will file all available motions and appeals against the SCJ decision.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Notwithstanding the foregoing, in light of the recent SCJ decision, the
Company cannot predict the ultimate resolution on the matter.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&#8195;</P>

<!-- Field: Page; Sequence: 42; Value: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Veracel celulose accident litigation</I></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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">&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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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">105.2</FONT> million (approximately $<FONT STYLE="color: black">18.9</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">90.2</FONT> million (approximately $<FONT STYLE="color: black">16.2</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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Petrobras-related proceedings and claims</I></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Upon learning that Brazilian, Italian and Swiss authorities were investigating
whether certain payments were made prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts
allegedly linked to individuals related to Petr&oacute;leo Brasileiro S.A. (&ldquo;Petrobras&rdquo;) and whether any such payments were
intended to benefit the Company&rsquo;s Brazilian subsidiary Confab, the Audit Committee of the Company's Board of Directors engaged external
counsel in connection with the Company&rsquo;s review of these matters. In addition, the Company voluntarily notified the U.S. Securities
and Exchange Commission (&ldquo;SEC&rdquo;) and the U.S. Department of Justice (&ldquo;DOJ&rdquo;) in October 2016. The Company conducted,
with the assistance of external counsel, an internal investigation and found no evidence corroborating any involvement by the Company
or its directors, officers or employees in respect of improper payments. An internal investigation commissioned by Petrobras also found
no evidence that Confab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including improperly
obtained contracts. On June 2, 2022, the Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel
inquiry without taking action. Under the settlement with the SEC, the Company neither admits nor denies the SEC&rsquo;s findings and on
June 24, 2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million for a civil penalty to conclude the matter.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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, on May 23, 2024, confirmed the decision
of the first-instance court 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">In June 2020, the Brazilian public prosecutors&rsquo; office requested
the indictment of several individuals, including three executives or former executives of Confab and a former agent of Confab, charging
them with the alleged crimes of corruption in relation to contracts executed between 2007 and 2010, and money laundering in relation to
payments between 2009 and 2013. These criminal proceedings are underway. Neither the Company nor Confab is a party to these criminal proceedings.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition, Petrobras and the Brazilian public prosecutors filed civil
claims for damages against, among others, Confab and the Confab executives named in the criminal proceedings referred to above. Confab
became aware of these civil claims in September 2022. As of June 30, 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">58.0</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; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Administrative proceeding concerning Brazilian tax credits</I></TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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 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">61.3</FONT>
million (approximately $<FONT STYLE="color: black">11.0</FONT> million). At this stage, the Company cannot predict the outcome of this
claim.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>U.S. patent infringement litigation</I></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris Coiled Tubes, LLC (&ldquo;TCT&rdquo;), a U.S. subsidiary of the
Company, was sued in 2017 by its competitor Global Tubing, alleging defamatory conduct by TCT and seeking a declaration that certain Global
Tubing products do not infringe patents held by TCT. TCT 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>

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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: 0pt"></TD><TD STYLE="width: 0.5in"><B><I>(ii)</I></B></TD><TD STYLE="text-align: justify"><B><I>Commitments and guarantees</I></B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><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 June 30, 2024, the aggregate amount to take or pay the committed volumes for an original 14-year term totaled
approximately $<FONT STYLE="color: black">33.7</FONT> million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A Mexican 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 0pt 7.1pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">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 June 30, 2024, the estimated aggregate contract amount calculated at current prices, was approximately
$<FONT STYLE="color: black">40.4</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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">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
the six-month period ended on June 30 , 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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">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">40.5</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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">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. Such contract foresees a penalty for a maximum amount of $<FONT STYLE="color: black">28.5</FONT>
million in case of early termination.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Certain subsidiaries of the Company entered into agreements with Vestas Group for the supply of materials
and services related to the construction of a wind farm in Argentina. As of June 30, 2024, the amount related to this commitment was $<FONT STYLE="color: black">96.3</FONT>
million.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 for approximately $<FONT STYLE="color: black">3.9</FONT>
billion as of June 30, 2024.</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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">On April 30, 2024, the extraordinary general meeting of shareholders approved
the cancelation of 17,779,302 ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital
of the Company and, accordingly, the legal reserve was proportionally reduced. As of June 30, 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>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">19</TD><TD STYLE="text-align: justify">Cancellation of title deed in Saudi Steel Pipe Company</TD>
</TR></TABLE>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of the date hereof, neither the cancellation nor the court order have
been notified to SSPC or otherwise been made public by the authorities, and the legal basis for the court order is unknown. On May 4,
2021, SSPC filed a petition with an ad-hoc 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; color: #003366; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><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 during 2023, has remained stable during the six-month period ended June, 30, 2024
but it is unclear if it will be modified in the short term.</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). Effective first week of July, 2024, Argentine
companies started making payments of services (including royalties) to related parties through the MULC as previously expected.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 46; Value: 22 -->
    <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 -->44<!-- 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"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 49.65pt; font-size: 10pt; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Access to the MULC to pay for imports of goods is subject to several restrictions. For example, advance
payments or at sight cannot be made. In addition:</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 49.65pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</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. During 2024, the Argentine Central Bank issued 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. This mechanism enabled Argentine
companies to clear the existing stock of debts for imports as of December 12, 2023.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</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. During July, 2024, the Argentine
Central Bank improved the payment conditions by decreasing to two equal instalments.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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. In May 2024 the Argentine Central Bank issued a new series of BOPREALs
maturing in 2026 and amortizing in three equal quarterly installments starting in November 2025, that could be subscribed in Argentine
Pesos during the primary offering and be used to pay dividends to foreign shareholders. Such subscription, though, was subject to a 17.5%
tax (&ldquo;Impuesto PAIS&rdquo;) plus a market price differential that increased the implicit exchange rate of this transaction, making
it less attractive.</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, 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 in December 2023. Since then, the new Administration maintains a &ldquo;crawling peg&rdquo;
policy by devaluating the Argentine currency at a rate of approximately 2% per month. The extent and rate of the crawling peg remains
unclear. Tenaris&rsquo;s financial position in Argentine pesos as of June 30, 2024, amounted to a net <FONT STYLE="color: black">short</FONT>
exposure of approximately $<FONT STYLE="color: black">12.0</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">382.6</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 June 30, 2024, the total equity of Argentine subsidiaries represented
approximately <FONT STYLE="color: black">11%</FONT> of Tenaris&rsquo;s total equity and the sales made by Argentine subsidiaries during
the period ended June 30, 2024, amounted approximately to <FONT STYLE="color: black">20%</FONT> of Tenaris&rsquo;s total sales. Assets
and liabilities denominated in Argentine peso as of June 30, 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">&nbsp;</P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></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>Cash flow disclosures</B></TD></TR></TABLE>

<P STYLE="color: #000099; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Changes in working capital <SUP>(*)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 65%; font-size: 10pt; text-align: left">Inventories</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">69,939</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">159,765</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Receivables and prepayments and current tax assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">12,341</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(39,908</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Trade receivables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">282,130</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(65,667</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Other liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(26,893</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">139,350</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Customer advances</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">19,799</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(171,467</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Trade payables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(81,798</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(188,835</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">275,518</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(166,762</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income tax accruals less payments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Tax accrued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">223,003</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">573,604</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Taxes paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(336,565</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(516,430</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(113,562</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">57,174</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Interest accruals less payments, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Interest accrued, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(88,868</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(25,829</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Interest received</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">120,079</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">64,848</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(33,846</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(60,959</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(2,635</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">(21,940</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">)</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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.</FONT>S. dollar.</P>

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

<P STYLE="color: #000099; 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: 38.75pt"><B>22</B></TD><TD STYLE="text-align: justify"><B>Related party transactions</B></TD></TR></TABLE>

<P STYLE="color: #000099; font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 38.75pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 2024:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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 <FONT STYLE="color: black">61.37%</FONT> of the Company&rsquo;s share capital and <FONT STYLE="color: black">63.77%</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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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;associated companies&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"></P>

<!-- Field: Page; Sequence: 48; Value: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(37,28,89) 1pt solid; width: 90%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #666666"><FONT STYLE="font-size: 8pt"><I>Consolidated Condensed Interim Financial Statements</I></FONT></P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #666666"><I>For the six-month period ended June 30, 2024 - all amounts in thousands of U.S. dollars, unless otherwise stated</I></FONT></P></TD><TD STYLE="text-align: right; border-bottom: rgb(37,28,89) 1pt solid; width: 10%"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt"><B>(i)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify; background-color: white">Transactions</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(a) Sales of goods, services and other transactions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 65%; font-size: 10pt; text-align: left; background-color: white">Sales of goods to associated companies</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">27,303</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">23,294</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Sales of goods to other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">45,840</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65,828</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Sales of services and others to associated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">495</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">803</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Sales of services and others to joint ventures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">70</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Sales of services and others to other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">71,719</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">73,050</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">145,427</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">163,040</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(b) Purchases of goods, services and other transactions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Purchases of goods to associated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">87,706</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">217,094</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Purchases of goods to joint ventures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(303</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">37,038</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Purchases of goods to other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">38,616</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,274</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Purchases of services and others to associated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">9,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,348</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Purchases of services and others to other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">17,736</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">42,423</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">152,755</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">327,177</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(c) Financial Results</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Income from joint ventures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">3,094</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,844</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,094</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,844</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(d) Dividends</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Dividends received from associated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">50,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">41,348</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Dividends distributed to Techint Holdings S.&agrave;r.l.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">285,469</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">242,626</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt"><B>(ii)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Period-end balances</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(a) Arising from sales / purchases of goods / services and other transactions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 65%; font-size: 10pt; text-align: left; background-color: white">Receivables from associated companies</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">5,097</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">7,589</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Receivables from joint ventures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">67,829</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63,374</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Receivables from other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">31,450</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">62,986</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Payables to associated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(33,367</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(21,012</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Payables to joint ventures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(28,361</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Payables to other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(9,548</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(11,488</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">61,461</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">73,088</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">(b) Financial debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Lease liabilities from associated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(1,273</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,459</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Lease liabilities from other related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(338</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(375</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">(1,611</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,834</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition to the tables above, the Company issued various guarantees
in favor of Techgen; 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: 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>

<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>23</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"><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" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.5in"><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 and other specific assets for $182.6 million paid in cash. Under the purchase contract, the acquisition price
was paid based on an estimated closing statement and the final price was subject to a true-up adjustment based on actual amounts of cash,
indebtedness, working capital and certain other items as of the closing date. After engaging in discussions and negotiations on the price
adjustment amount, the parties reached an agreement in principle, subject to documentation, that the aggregate shortfall payment payable
by Mattr to Tenaris would amount to $32.3 million, out of which a net amount of $25.9 million has already been collected. If the agreement
is finalized, the final purchase price would amount to $150.2 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 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">297.9</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 June 30, 2024.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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 application of the acquisition 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 purchase price allocation was carried out with the assistance of a
third-party expert. Following IFRS 3, during the period ended June 30, 2024, the Company continued reviewing the allocation and, based
on new information related to events or circumstances existing at the acquisition date, made certain adjustments over the value of the
identifiable assets acquired such as property, plant and equipment, intangible assets, working capital and other assets and liabilities.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023):</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">$ million</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; text-align: left; background-color: white">Property, plant and equipment</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">115</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Working capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">Provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; background-color: white">Other assets and liabilities, net</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white">Net assets acquired</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">152</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<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">152.5</FONT> million. As a result of the acquisition, Tenaris recognized a bargain purchase
gain for approximately $<FONT STYLE="color: black">2.2</FONT> million, recorded in <I>Other operating income</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">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 six-month period ended June 30, 2024,
amounted to $<FONT STYLE="color: black">1.0</FONT> million and were included in general and administrative expenses.</P>

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

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

<P STYLE="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: 38.75pt"><B>24</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, represented
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 each
tranche 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 six- month period ended June 30, 2024 the Company purchased
<FONT STYLE="color: black">48,873,790 </FONT>shares, for a value of $<FONT STYLE="color: black">830.8</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, second and third tranches of the share buyback program were
completed on January 12, April 29, and June 13, 2024, respectively. On June 17, 2024, the fourth tranche started and is expected to end
no later than October 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">On April 30, 2024, the extraordinary shareholders meeting approved the
cancellation of <FONT STYLE="color: black">17,779,302</FONT> ordinary shares held in treasury by the Company, which had been acquired
throughout the first tranche of its share buyback program, and resolved to approve the corresponding reduction of the issued share capital
of the Company and the amendment of the first paragraph of article 5 of the Company&rsquo;s articles of association. As a result, effective
April 30, 2024, the share capital of the Company was reduced from $1,180,536,830 (represented by 1,180,536,830 shares with a par value
of $1 per share) to $1,162,757,528 (represented by 1,162,757,528 shares with a par value of $1 per share).</P>

<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 June 30, 2024, the Company held a liability in connection to the
shares to be settled under the fourth tranche of the buyback program that amounted to $<FONT STYLE="color: black">186.9</FONT> million,
out of which $159.5 million were valued at fair value.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of December 31, 2023, the Company held a liability in connection to
the shares to be settled under the first tranche of the buyback program that amounted to $86.2 million, valued at fair value.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Further information on the buyback transactions is available on Tenaris&rsquo;s
corporate website under the Share Buyback Program Section.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 50%">Alicia M&oacute;ndolo <BR>
Chief Financial Officer&#9;</TD></TR>
</TABLE>

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

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


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

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

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

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    <!-- Field: /Page -->

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

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


<P STYLE="color: #339933; font-size: 10pt; font-weight: bold; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><A NAME="a_010"></A>EXHIBIT I &ndash;
ALTERNATIVE PERFORMANCE MEASURES</FONT></P>

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

<P STYLE="color: #003366; font-size: 10pt; margin: 0pt 0"><B>EBITDA, Earnings before interest, tax, depreciation and amortization</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">EBITDA provides an analysis of the operating results excluding depreciation and amortization
and impairments, as they are non-cash variables which can vary substantially from company to company depending on accounting policies
and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before
working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies
and creditors to evaluate the level of debt, comparing EBITDA with net debt.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">EBITDA is calculated in the following manner:</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">EBITDA = Net income for the period + Income tax charge +/- Equity in Earnings (losses) of non-consolidated
companies +/- Financial results + Depreciation and amortization +/- Impairment charge/(reversal)</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">EBITDA is a non-IFRS alternative performance measure.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Income for the period</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,098,451</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">2,265,247</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">223,003</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">573,604</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Equity in (losses) earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">34,340</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(148,927</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Financial Results</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(32,421</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(60,380</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">313,951</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">256,034</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">EBITDA</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,637,324</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,885,578</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="color: #003366; font-size: 10pt; margin: 0pt 0"><B>Net cash / (debt) position</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 180.95pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">This is the net balance of cash and cash equivalents, other current investments and fixed income
investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net
cash / (debt) is widely used by investors and rating agencies and creditors to assess the company&rsquo;s leverage, financial strength,
flexibility and risks.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Net cash/ debt is calculated in the following manner:</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Net cash= Cash and cash equivalents + Other investments (Current and Non-Current) +/- Derivatives
hedging borrowings and investments &ndash; Borrowings (Current and Non-Current).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Net cash is a non-IFRS alternative performance measure.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">850,236</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">755,305</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Other current investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">2,452,375</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,849,978</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,120,834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">367,105</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,901</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Current borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(559,517</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(642,294</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-current borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(21,386</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(50,997</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash / (debt)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">3,842,542</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,286,998</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="margin: 0pt 0; color: #003366; font-size: 10pt"><B>Free Cash Flow&#9;</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Free cash flow is a measure of financial performance, calculated as operating cash flow less
capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand
its asset base.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Free cash flow is calculated in the following manner:</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Free cash flow = Net cash (used in) provided by operating activities &ndash; Capital expenditures.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Free cash flow is a non-IFRS alternative performance measure. Net cash provided by operating
activities for the six-month period ended June 30, 2024 amounted to $1,822.2 million.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Net cash provided by operating activities</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">1,822,178</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">2,262,404</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Capital expenditures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: #F2F2F2">(333,415</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(282,249</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Free Cash Flow</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">1,488,763</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,980,155</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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