<SEC-DOCUMENT>0001171843-25-002694.txt : 20250501
<SEC-HEADER>0001171843-25-002694.hdr.sgml : 20250501
<ACCEPTANCE-DATETIME>20250501161012
ACCESSION NUMBER:		0001171843-25-002694
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250501
DATE AS OF CHANGE:		20250501

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
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31518
		FILM NUMBER:		25903175

	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_043025.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>As of April 30, 2025</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">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-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">The attached material is being furnished to the Securities and Exchange Commission pursuant
to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2025.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: April 30, 2025</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"></P>

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

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

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

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="color: #009900; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>CONSOLIDATED CONDENSED INTERIM INCOME STATEMENTS</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">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&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="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; 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="6" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; text-align: justify">Net sales</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; 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: 12%; font-size: 10pt; text-align: right; background-color: #F2F2F2">2,922,212</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">3,441,544</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">(1,920,855</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">(2,134,052</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">1,001,357</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">1,307,492</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">(457,065</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">(508,132</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">11,788</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,024</TD><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">(6,167</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">(3,720</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">549,913</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">811,664</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">78,444</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">56,289</TD><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">(11,745</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">(20,583</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">(31,441</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">(60,468</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">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">585,171</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">786,902</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 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">14,035</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">48,179</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">599,206</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">835,081</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">(81,342</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">(84,856</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">517,864</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">750,225</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></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></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">506,931</TD><TD STYLE="white-space: nowrap; font-size: 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">736,980</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">10,933</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">13,245</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">&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">517,864</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">750,225</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Weighted average number of outstanding ordinary shares (thousands) <SUP>(*)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">1,076,982</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,160,008</TD><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></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">0.47</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.64</TD><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">0.94</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.27</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"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> Number of outstanding shares
as of March 31, 2025, and 2024, were 1,071,994,930 and 1,150,720,678, respectively.</FONT></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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 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, 2024.</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: 4; Options: NewSection; Value: 1 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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>

<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>

<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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; 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: 12%; font-size: 10pt; font-weight: bold; text-align: right; background-color: #F2F2F2">517,864</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">750,225</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></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">44,749</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(26,011</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">Change in value of cash flow hedges and instruments at fair value</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">(20,595</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">103,207</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">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">16,023</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,591</TD><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></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">13,582</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,475</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">- Changes in the value of cash flow hedges and instruments at fair value, net of <BR>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">2,984</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">31,820</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">56,743</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">127,132</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">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></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">(13</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</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">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">459</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Remeasurements of post-employment benefit obligations of non-consolidated companies, net of 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">(102</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">(357</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">(115</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">84</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">Other 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">56,628</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">127,216</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 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">574,492</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: 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">877,441</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; 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></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">563,076</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">864,462</TD><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">11,416</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,979</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">574,492</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: 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">877,441</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">&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">&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, 2024.</FONT></P>

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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 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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">At March 31, 2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31, 2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; 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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; background-color: #F2F2F2">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="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="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 45%; 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: 10%; 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: 8%; font-size: 10pt; text-align: right; background-color: #F2F2F2">6,183,251</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: 8%; 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: 8%; font-size: 10pt; text-align: right">6,121,471</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">&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">1,359,463</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">1,357,749</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">147,606</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">148,868</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">&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">1,574,156</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&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">1,543,657</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">1,014,502</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">1,005,300</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">838,912</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">831,298</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">197,411</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">11,315,301</TD><TD 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">205,602</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">11,213,945</TD><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">3,519,237</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">3,709,942</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">174,294</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">179,614</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-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">360,416</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">332,621</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">Contract 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">51,736</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">50,757</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">1,842,313</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">1,907,507</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">4,083</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,484</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">2,581,761</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">2,372,999</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">770,208</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">9,304,048</TD><TD 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">675,256</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">9,236,180</TD><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">20,619,349</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">20,450,125</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">17,164,683</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">16,593,257</TD><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">231,994</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">220,578</TD><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">17,396,677</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">16,813,835</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">7,437</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,399</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">&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">91,148</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">100,436</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">472,789</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">503,941</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&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">300,116</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&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">301,751</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">68,969</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">940,459</TD><TD 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">82,106</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">999,633</TD><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">345,183</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">425,999</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">54,061</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&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">44,490</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&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">1,945</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">8,300</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">304,019</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">366,292</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">377,238</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">585,775</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">139,965</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">119,344</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&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">228,086</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <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">206,196</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">831,716</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">2,282,213</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">880,261</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">2,636,657</TD><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">3,222,672</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">3,636,290</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">20,619,349</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">20,450,125</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">&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, 2024.</FONT></P>

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

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <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 -->3<!-- 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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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>

<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="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="30" 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; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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="2" 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 STYLE="border-top: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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></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="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" STYLE="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; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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>(3)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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>(4)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); 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="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: justify"><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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: justify"><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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(Unaudited)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: White; width: 10%; font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-size: 8pt">Balance at December
    31, 2024</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"><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">1,162,758</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">(1,355,651</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">116,276</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">(1,110,803</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">(570,986</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">17,741,930</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">16,593,257</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">220,578</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">16,813,835</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="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><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"><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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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">506,931</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">506,931</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">10,933</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">517,864</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; 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"><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">44,266</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">44,266</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">483</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">44,749</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="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; padding-left: 8.5pt"><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"><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">(13</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">(13</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">(13</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="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; padding-left: 8.5pt"><FONT STYLE="font-size: 8pt">Change in value of instruments at
    fair value through other comprehensive income and cash flow hedges, net of taxes</FONT></TD><TD STYLE="background-color: White; 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">(4,572</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">(4,572</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">(4,572</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="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; text-align: left; padding-left: 8.5pt"><FONT STYLE="font-size: 8pt">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"><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="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; white-space: nowrap; 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">13,582</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; 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">2,882</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; 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; 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">16,464</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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">16,464</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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; padding-bottom: 1pt"><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"><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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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">57,848</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">(1,703</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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">56,145</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">483</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">56,628</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: White; font-size: 10pt; font-weight: bold; text-align: left"><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"><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">-</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">57,848</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">(1,703</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">506,931</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">563,076</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">11,416</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">574,492</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="background-color: rgb(242,242,242); 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"><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">(234,934</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 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-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">(234,934</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">(234,934</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="background-color: rgb(242,242,242); 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">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="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="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; white-space: nowrap; 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">243,284</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; 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; 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">243,284</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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">243,284</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Balance at
    March 31, 2025</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"><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">1,162,758</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">(1,590,585</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">116,276</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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">(1,052,955</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">(329,405</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">18,248,861</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">17,164,683</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">231,994</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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">17,396,677</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; 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 has an authorized
share capital of a single class of 2.5 billion shares having a nominal value of USD1.00 per share. As of March 31, 2025, 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 March 31, 2025, the
Company held <FONT STYLE="color: black">90,762,598</FONT> treasury shares, and there were <FONT STYLE="color: black">1,071,994,930</FONT>
outstanding shares. 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">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP> Other reserves includes mainly
the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment
benefit obligations, the changes in value of cash flow hedges and in financial instruments measured at fair value through other comprehensive
income and the changes in the 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>(4)</SUP> The restrictions to the distribution
of profits and payment of dividends according to Luxembourg Law are disclosed in note <FONT STYLE="color: black">18</FONT>.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><SUP>&nbsp;</SUP></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">&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, 2024.</FONT></P>

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

<!-- Field: Page; Sequence: 7; Value: 2 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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"><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="30" 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; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><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 STYLE="border-top: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><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></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="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" STYLE="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; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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>(3)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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>(4)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 COLSPAN="2" 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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><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 STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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 STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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 STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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 STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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 STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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 STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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 STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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 STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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 STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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 STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(Unaudited)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="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">(213,739</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">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">(990,171</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">(603,978</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">16,742,536</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">16,842,972</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">187,465</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">17,030,437</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">-</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">736,980</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">736,980</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">13,245</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">750,225</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">-</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">(25,745</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 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">(25,745</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">(266</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">(26,011</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: 8.5pt"><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">-</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">441</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">441</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">-</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">441</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: 8.5pt"><FONT STYLE="font-size: 8pt">Change in value of instruments at
    fair value through other comprehensive income and cash flow hedges, net of taxes</FONT></TD><TD STYLE="font-size: 10pt"><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">127,798</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">127,798</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">-</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">127,798</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: 8.5pt"><FONT STYLE="font-size: 8pt">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">-</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">(6,475</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">31,463</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; 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">24,988</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; 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">24,988</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; font-weight: bold; text-align: left; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-size: 8pt">Other
    comprehensive income (loss) for the period</FONT></TD><TD STYLE="font-size: 10pt; 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">(32,220</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">159,702</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">127,482</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">(266</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">127,216</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="white-space: nowrap; 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">-</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">(32,220</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">159,702</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">736,980</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">864,462</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">12,979</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">877,441</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: 8.5pt"><FONT STYLE="font-size: 8pt">Repurchase of own shares <SUP>(2)</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">(311,064</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 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-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">(311,064</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">-</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">(311,064</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: 8.5pt"><FONT STYLE="font-size: 8pt">Changes in share buyback program liability</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">11,133</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">11,133</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">11,133</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: 8.5pt"><FONT STYLE="font-size: 8pt">Acquisition and
    other changes in non-controlling interests</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">-</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; 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; 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">1,120</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">1,120</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">&nbsp;</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
    March 31, 2024</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">(524,803</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">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">(1,022,391</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">(433,143</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">17,479,516</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">17,407,503</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">201,564</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">17,609,067</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 March 31, 2024, there were <FONT STYLE="color: black">1,180,536,830</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 March 31, 2024, the
Company held <FONT STYLE="color: black">29,816,152</FONT> treasury shares, and there were <FONT STYLE="color: black">1,150,720,678</FONT>
outstanding shares. 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">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP> Other reserves includes mainly
the result of transactions with non-controlling interest that do not result in a loss of control, the remeasurement of post-employment
benefit obligations and the changes in value of cash flow hedges and in financial instruments measured at fair value through other comprehensive
income.</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> 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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 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, 2024.</FONT></P>

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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<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 CASH FLOWS</B></P>

<P STYLE="margin: 0pt 0; color: #009900; font-size: 10pt; text-align: left"><B>&nbsp;</B></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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&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; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: black; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">517,864</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: black; 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">750,225</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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">146,406</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">175,442</TD><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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">9,877</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD 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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(54,133</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; 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">(29,222</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">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">8</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(14,035</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; 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">(48,179</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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(8,423</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,938</TD><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">Changes in provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(2,393</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; 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">1,545</TD><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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">223,817</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(9,548</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; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">2,020</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">34,776</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">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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">821,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">886,977</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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(173,838</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; 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">(172,097</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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">12,916</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,952</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Loan to joint ventures</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">17</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(1,359</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; 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">(1,354</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="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">900</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,412</TD><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; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(225,636</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">(759,667</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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">(387,017</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">(924,754</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: 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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,120</TD><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">23</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(237,188</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; 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">(311,064</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">Payments of lease liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(14,655</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; 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">(16,768</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">347,570</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">829,947</TD><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; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(429,126</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">(754,078</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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">(333,399</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">(250,843</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Increase (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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">100,584</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">(288,620</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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">660,798</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,616,597</TD><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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(2,430</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,921</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">Increase (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; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">100,584</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">(288,620</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 March 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">758,952</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">1,323,056</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; 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>At March 31, </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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">2025</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">2024</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; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">770,208</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,323,350</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; 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; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right; background-color: #F2F2F2">(11,256</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">(294</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; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right; background-color: #F2F2F2">758,952</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: black; 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">1,323,056</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> 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">14.5</FONT> million for the three-month period ended March 31, 2025
and $<FONT STYLE="color: black">(8.5)</FONT> million for the three-month period ended March 31, 2024.</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"><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, 2024.</FONT></P>

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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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: 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: 4%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">1</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 96%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">General information</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Accounting policies and basis of presentation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Segment information</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cost of sales</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Selling, general and administrative expenses</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Other operating income (expense), net</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Financial results</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Equity in earnings of non-consolidated companies</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Income tax</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">10</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Dividend distribution</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">11</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Property, plant and equipment, net</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">12</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Intangible assets, net</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">13</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Right-of-use assets, net and lease liabilities</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">14</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Cash and cash equivalents and other investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">15</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Derivative financial instruments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">16</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Category of financial instruments and classification within the fair value hierarchy</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">17</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Investments in non-consolidated companies</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">18</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Contingencies, commitments and restrictions to the distribution of profits</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">19</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #003366">Developments concerning cancelled title deeds 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">Share Buyback Program</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">Tariffs on steel imports in the United States</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: 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, 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">The Company&rsquo;s shares trade on the Italian Stock Exchange and the
Mexican Stock Exchange, and its American Depositary Securities (&ldquo;ADS&rdquo;) trade on the New York Stock Exchange.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements were approved
for issuance by the Company&rsquo;s Board of Directors on April 30, 2025.</P>

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

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

<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;).
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, 2024. These Consolidated Condensed Interim Financial
Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2024, 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 36 to our audited Consolidated Financial Statements for the year ended December
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">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, 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">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>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">None of the accounting pronouncements applicable after December 31, 2024,
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>

<!-- Field: Page; Sequence: 11; Value: 2 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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">Three-month period ended March 31, 2025 - (Unaudited)</TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tubes</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</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">547</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">38</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">585</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">(31</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">(1</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">(3</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">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">550</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">35</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">585</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 earnings 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">14</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">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">599</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">&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">2,765</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">157</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">2,922</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">141</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">5</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">146</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></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: justify; border-bottom: Black 1pt solid">Three-month period ended March 31, 2024 - (Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tubes</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 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">793</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">30</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">823</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">(11</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 selling, general and administrative expenses</TD><TD 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">)</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">812</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">(25</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">787</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">48</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">835</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; 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><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Net Sales</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">3,292</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">150</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">3,442</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; background-color: white">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">171</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">4</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">175</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, 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"><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 earnings of non-consolidated companies.</FONT></P>

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

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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"><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="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">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">1,279,605</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">1,620,616</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">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">637,553</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">696,874</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">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">234,944</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">281,300</TD><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; background-color: white">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">770,110</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">842,754</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">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">2,922,212</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,441,544</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">Allocation of net sales to geographical information is based on the final
destination of the products sold.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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, Canada,
Saudi Arabia, Brazil and United Arab Emirates.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">No single customer comprised more than 10% of Tenaris&rsquo;s net sales
in the three-month period ended March 31, 2025 and 2024. Through several financing transactions in the fourth quarter of 2024 and the
first quarter of 2025, Tenaris reduced its overall credit exposure to one of its largest customers, Petr&oacute;leos Mexicanos (&ldquo;Pemex&rdquo;),
to <FONT STYLE="color: black">7%</FONT> as of March 31, 2025. For more information, see Note 7.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: black">Revenue is mainly recognized at a point in time
to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance
of the product by the customer. </FONT>In the three-month period ended March 31, 2025, and 2024, r<FONT STYLE="color: black">evenues related
to governmental institutions represented approximately 28% and 28%, 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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Revenues Tubes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></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">2,466</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">2,953</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">141</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">155</TD><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">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">184</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">2,765</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,292</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">The table above includes revenues from services performed on third party
tubes of $<FONT STYLE="color: black">101.3</FONT> million and $<FONT STYLE="color: black">191.8</FONT> million for the three-month period
ended March 31, 2025, and 2024, 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>

<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>
<!-- Field: Page; Sequence: 13; Value: 2 -->
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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></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">3,709,942</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">3,921,097</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: 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">1,038,462</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,281,253</TD><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">47,298</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">123,130</TD><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">340,081</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">378,770</TD><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">112,514</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">119,157</TD><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">3,235</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">2,792</TD><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">8,225</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,963</TD><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">88,939</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">96,283</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">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">6,032</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">10,054</TD><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">24,938</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47,028</TD><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">60,426</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">55,244</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">1,730,150</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">2,124,674</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">(3,519,237</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">(3,911,719</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">1,920,855</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">2,134,052</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>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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></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">45,190</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">40,253</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">170,673</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">181,073</TD><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">6,301</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,044</TD><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">9,365</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,165</TD><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">6,766</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,321</TD><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">165,569</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">167,589</TD><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">1,509</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,539</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: 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">1,778</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(639</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">27,993</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38,618</TD><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">21,921</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">28,169</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">457,065</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">508,132</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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></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">2,868</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">3,921</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">934</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,076</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Allowance for doubtful receivables recovery</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">210</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="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">7,776</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">11,027</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">11,788</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">16,024</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">(3,295</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">(3,604</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">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(116</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</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">(2,872</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">(6,167</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">(3,720</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">5,621</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">12,304</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>Provision for the ongoing litigation related to the acquisition of participation
in Usiminas:</I> For the three-month period ended March 31, 2025, this item relates to the provision described in note <FONT STYLE="color: black">18</FONT>,
without reflecting any net foreign exchange result associated thereto.</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>

<!-- Field: Page; Sequence: 14; Value: 2 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></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">72,489</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">60,558</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">5,955</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">(4,269</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">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">78,444</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">56,289</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">(11,745</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">(20,583</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">(18,664</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">11,630</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">3,182</TD><TD STYLE="white-space: nowrap; font-size: 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">(4,031</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;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">(15,959</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">(68,067</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">(31,441</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">(60,468</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>
  <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">35,258</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">(24,762</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"><I>Finance Income:</I> For the three-month period ended March 31, 2025,
includes $6.3 million of interest related to instruments carried at FVTPL and includes $24.8 million of interest related to instruments
carried at FVTOCI.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For the three-month period ended March 31, 2024, includes $13.2 million
of interest related to instruments carried at FVTPL and includes $16.5 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>For the three-month period ended March 31, 2025, includes
a loss of approximately $15.8 million related to fees paid in connection with a collection of $242.4 million involving Pemex and the Company&rsquo;s
Mexican subsidiary Tubos de Acero de Mexico (&ldquo;Tamsa&rdquo;).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For the three-month period ended March 31, 2024, mainly relates to the
cumulative result of the U.S. dollar denominated Argentine bonds previously recognized in Other Comprehensive Income. For more information
see note <FONT STYLE="color: black">20</FONT>.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8</B></TD><TD><B>Equity in 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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; padding-bottom: 1pt">From non-consolidated companies</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">14,035</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">48,179</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; 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">14,035</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">48,179</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9</B></TD><TD><B>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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></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">(120,341</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">(212,532</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">38,999</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">127,676</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">(81,342</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">(84,856</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Tenaris group of companies falls within the scope of the OECD Pillar
Two model rules. Pillar Two domestic legislation came into effect in Luxembourg, the jurisdiction in which the Company is organized as
from January 1, 2024. The group applies the exception not to recognize and disclose 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 three-month period ended March
31, 2025 and 2024, Tenaris recognized an estimated current tax expense related to Pillar Two, amounting to $<FONT STYLE="color: black">3.6</FONT>
million and $<FONT STYLE="color: black">20.1</FONT> million, respectively.</P>

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
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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>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 February 19, 2025, the Company&rsquo;s board of directors proposed,
for the approval of the Annual General Shareholders' meeting to be held on May 6, 2025, the payment of an annual dividend of $0.83 per
outstanding share ($1.66 per ADS), which includes the interim dividend of $0.27 per outstanding share ($0.54 per ADS), paid on November
20, 2024. If the annual dividend is approved by the shareholders, a dividend of $0.56 per outstanding share ($1.12 per ADS), will be paid
on May 21, 2025, with a record date of May 20, 2025. These Consolidated Condensed Interim Financial Statements do not reflect this dividend
payable.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On <FONT STYLE="color: black">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">&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="2" 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">2025</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">Three-month period ended March 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></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">6,121,471</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">6,078,179</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">22,639</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,491</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">159,897</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">161,048</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; 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">(1,884</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">(6,440</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">(57</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">(950</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">(118,815</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">(125,201</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 March 31,</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">6,183,251</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">6,094,145</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: #212121">The Company&rsquo;s Brazilian subsidiary Confab
Industrial S.A. (&ldquo;Confab&rdquo;) holds certain real estate assets, with a carrying value of $</FONT><FONT STYLE="color: black">32.5</FONT>
<FONT STYLE="color: #212121">million, that are subject to a judicial mortgage aimed at securing the indemnification potentially payable
to Companhia Sider&uacute;rgica Nacional (&ldquo;CSN&quot;) under a lawsuit brough by CSN against Confab and other related companies.
The litigation is currently pending, and no amount is currently owed by Confab. See note </FONT>18.</P>

<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">As of March 31, 2025, the carrying amount of assets pledged as security
for current and non-current borrowings amounted to $<FONT STYLE="color: black">146.1</FONT> million, held in Saudi Arabia by the Company&rsquo;s
subsidiary Global Pipe Company, in which SSPC holds a 57.3% interest.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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="2" 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">2025</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify">Three-month period ended March 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></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">1,357,749</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">1,377,110</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">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">(87</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">13,941</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,049</TD><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">57</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">950</TD><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">(12,600</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">(32,957</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 March 31,</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">1,359,463</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">1,356,065</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">&nbsp;</P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: 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="2" 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">2025</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; 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="6" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: justify; background-color: white">Three-month period ended March 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></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">148,868</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">132,138</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">363</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(203</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">16,463</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,471</TD><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">(3,097</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">(96</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">(14,991</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">(17,284</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 March 31,</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">147,606</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">137,026</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>&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><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="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; 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">29,323</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">29,735</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">89,017</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">91,002</TD><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">27,029</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,650</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; 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">2,237</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">2,481</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">147,606</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">148,868</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>&nbsp;</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: left"><B><I>&nbsp;</I></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: 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="2" 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">2025</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Three-month period ended March 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 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">144,926</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">134,432</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">1,650</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(709</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; background-color: white">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">16,352</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,160</TD><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">(3,334</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">(262</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">(15,945</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">(17,931</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">1,560</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">1,485</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 March 31,</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">145,209</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">139,175</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">As of March 31, 2025, 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">37%</FONT>, <FONT STYLE="color: black">40%</FONT>
and <FONT STYLE="color: black">23%</FONT>, respectively.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2024, the amount of remaining payments with maturities
of less than 1 year, between 2 and 5 years and more than 5 years was approximately <FONT STYLE="color: black">30%</FONT>, <FONT STYLE="color: black">44%</FONT>
and <FONT STYLE="color: black">26%</FONT>, respectively.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <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 -->14<!-- 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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: 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>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="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: 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">119,303</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; background-color: white">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: white">290,901</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">404,581</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">355,044</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">246,324</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">29,311</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">770,208</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">675,256</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">1,283,762</TD><TD STYLE="white-space: nowrap; font-size: 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">1,273,673</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">905,038</TD><TD STYLE="white-space: nowrap; font-size: 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">722,328</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">392,961</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">376,998</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">2,581,761</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">2,372,999</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">903,356</TD><TD STYLE="white-space: nowrap; font-size: 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">857,959</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">104,088</TD><TD STYLE="white-space: nowrap; font-size: 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">140,292</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">7,058</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">7,049</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">1,014,502</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">1,005,300</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>

<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="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; 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">4,083</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">7,484</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">4,083</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">7,484</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">1,945</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">8,300</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">1,945</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">8,300</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>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <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 -->15<!-- 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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: 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 March 31, 2025, and December 31, 2024.</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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><B>Carrying</B></TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" 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><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">March 31, 2025 - (Unaudited)</TD><TD STYLE="background-color: White; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&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">Assets</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><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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: 34%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Cash and cash equivalents</TD><TD STYLE="background-color: White; 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">770,208</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">365,627</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">404,581</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">404,581</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="background-color: White; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other investments</TD><TD STYLE="background-color: White; 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">2,581,761</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">905,038</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">1,676,723</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">1,676,723</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="background-color: White; font-size: 10pt; font-style: italic; text-align: left; padding-left: 8.55pt">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</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">905,038</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">905,038</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><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="background-color: White; font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Bonds and other fixed income</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">1,283,762</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">1,283,762</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">1,283,762</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="background-color: White; font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Fund investments</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">392,961</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">392,961</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">392,961</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="background-color: White; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</TD><TD STYLE="background-color: White; 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">4,083</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">4,083</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">4,083</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="background-color: White; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other Investments Non-current</TD><TD STYLE="background-color: White; 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">1,014,502</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">104,088</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">910,414</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">903,356</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">7,058</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; text-indent: 8pt">Bonds and other fixed income</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">903,356</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">903,356</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">903,356</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="background-color: White; font-size: 10pt; font-style: italic; text-align: left; padding-left: 8.55pt">Fixed income (time-deposit, zero coupon bonds, commercial papers)</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">104,088</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">104,088</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><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="background-color: White; font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other investments</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">7,058</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">7,058</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><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">7,058</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="background-color: White; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade receivables</TD><TD STYLE="background-color: White; 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">1,842,313</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">1,842,313</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="background-color: White; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Receivables C and NC</TD><TD STYLE="background-color: White; 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">423,441</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">171,539</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="background-color: White; font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other receivables</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">171,539</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">171,539</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><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="background-color: White; border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other receivables (non-financial)</TD><TD STYLE="background-color: White; 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">251,902</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><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="background-color: White; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">Total</TD><TD STYLE="background-color: White; 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">3,388,605</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">2,995,801</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">2,984,660</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">4,083</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">7,058</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; font-weight: bold; text-align: left">Liabilities</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><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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-weight: bold; font-style: italic; text-align: left">Borrowings C and NC</TD><TD STYLE="background-color: White; 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">352,620</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">352,620</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="background-color: White; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade payables</TD><TD STYLE="background-color: White; 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">831,716</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">831,716</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="background-color: White; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other liabilities C and NC</TD><TD STYLE="background-color: White; 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">677,354</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">7,037</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="background-color: White; font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other liabilities</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">7,037</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">7,037</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-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="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="background-color: White; font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other liabilities (non-financial)</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">670,317</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="background-color: White; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Lease Liabilities C and NC</TD><TD STYLE="background-color: White; 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">145,209</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">145,209</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="background-color: White; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</TD><TD STYLE="background-color: White; 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">1,945</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">1,945</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">1,945</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="background-color: White; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">Total</TD><TD STYLE="background-color: White; 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">1,336,582</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">1,945</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">1,945</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></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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center; background-color: white"><B>Carrying</B></TD><TD STYLE="font-size: 10pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" 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><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: white">December 31, 2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">675,256</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">320,212</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">355,044</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">355,044</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; background-color: white">Other investments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,372,999</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">722,328</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,650,671</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">1,650,671</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; padding-left: 8.5pt; background-color: white">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">722,328</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">722,328</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><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="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt; background-color: white">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">1,273,673</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; 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">1,273,673</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">1,273,673</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; 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="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt; background-color: white">Fund 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">376,998</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">376,998</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">376,998</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="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">7,484</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">7,484</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">7,484</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Other Investments Non-current</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,005,300</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">140,292</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">865,008</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">857,959</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">7,049</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; text-indent: 8pt; background-color: white">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">857,959</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">857,959</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">857,959</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="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-left: 8.5pt; background-color: white">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">140,292</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">140,292</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><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="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt; background-color: white">Other investments</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">7,049</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">7,049</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><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">7,049</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">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">1,907,507</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">1,907,507</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Receivables C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">435,973</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">191,058</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-style: italic; text-align: left; text-indent: 8pt; background-color: white">Other receivables</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">191,058</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">191,058</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; 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="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt; background-color: white">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">244,915</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-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">-</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="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&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">3,281,397</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">2,878,207</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">2,863,674</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">7,484</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">7,049</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="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Borrowings C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">437,398</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">437,398</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Trade payables</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">880,261</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">880,261</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Other 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">887,526</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">31,985</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">243,264</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><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">243,264</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-style: italic; text-align: left; text-indent: 8pt; background-color: white"><FONT STYLE="font-size: 10pt"><I>Other liabilities <SUP>(*)</SUP></I></FONT></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">275,249</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">31,985</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">243,264</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; 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-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">243,264</TD><TD STYLE="white-space: nowrap; font-size: 10pt; 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; text-indent: 8pt; background-color: white">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">612,277</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><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">Lease Liabilities C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">144,926</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">144,926</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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; background-color: white">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">8,300</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">8,300</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">8,300</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="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">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">1,494,570</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">251,564</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">8,300</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">243,264</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> Includes liability related
to the share buyback program. See note <FONT STYLE="color: black">23</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 Consolidated Condensed Interim Statements 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>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <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 -->16<!-- 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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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">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 Tenaris is the current bid
price. These instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; 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. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market contributors as of the
valuation date.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">If one or more of the significant inputs are not based on observable market
data, the instruments are included in Level 3. Tenaris values its assets and liabilities in this level using management assumptions which
reflect the Company&rsquo;s best estimate on how market participants would price the asset or liability at measurement date. As of December
31, 2024, main balances in this level included a liability related to the shares to be settled under the share buyback program which was
concluded during the three-month period ended March 31, 2025. Unobservable inputs related to this balance include assumptions regarding
average purchase prices of previous periods, and management's past experience related to the conclusion of the share buyback program itself.
A reasonable change in the inputs used would have not affected the fair value of the liability materially. 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">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. Tenaris estimates that the fair value (level 2) of its main borrowings is approximately <FONT STYLE="color: black">99.3%</FONT>
of its carrying amount including interests accrued as of March 31, 2025, as compared with <FONT STYLE="color: black">98.3%</FONT> as of
December 31, 2024. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market
rates for discounting cash flows.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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, 2024.</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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" 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></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">1,543,657</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">1,608,804</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">13,582</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,475</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">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">14,035</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,179</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; background-color: white">Increase 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">2,882</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">31,463</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">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">1,574,156</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">1,681,971</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>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <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 -->17<!-- 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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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="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
suppliers of round steel bars and flat steel products for its pipes business.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2025, the closing price of Ternium&rsquo;s ADSs as quoted
on the New York Stock Exchange was $<FONT STYLE="color: black">31.16</FONT> per ADS, giving Tenaris&rsquo;s ownership stake a market value
of approximately $<FONT STYLE="color: black">715.8</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">1,394.3</FONT>
million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company reviews its participation in Ternium whenever events or circumstances
indicate that the asset&rsquo;s carrying amount may not be recoverable. As of March 31, 2025, 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 March 31, 2025, 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">5.61</FONT> ($<FONT STYLE="color: black">0.98</FONT>)
and BRL<FONT STYLE="color: black">5.68</FONT> ($<FONT STYLE="color: black">0.99</FONT>), respectively, giving Tenaris&rsquo;s ownership
stake a market value of approximately $<FONT STYLE="color: black">47.7</FONT> million. As of that date, the carrying value of Tenaris&rsquo;s
ownership stake in Usiminas was approximately $ <FONT STYLE="color: black">113.9</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 Usiminas whenever events or circumstances
indicate that the asset&rsquo;s carrying amount may not be recoverable. As of March 31, 2025, 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 March 31, 2025, Tenaris held 22% of Techgen&rsquo;s share capital, and its affiliates, Ternium
and Tecpetrol Internacional S.L. (a wholly-owned subsidiary of San Faustin S.A. (&ldquo;San Faustin&rdquo;), the controlling shareholder
of both Tenaris and Ternium), beneficially owned 48% and 30%, respectively. As of March 31, 2025, the carrying value of Tenaris&rsquo;s
ownership stake in Techgen was approximately $<FONT STYLE="color: black">62.5</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 March 31, 2025, Tenaris&rsquo;s exposure under
these agreements amounted to $<FONT STYLE="color: black">35.5</FONT> million and $<FONT STYLE="color: black">16.5</FONT> million, respectively.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen&rsquo;s sponsors granted certain subordinated loans to Techgen.
As of March 31, 2025, the aggregate outstanding principal amount under these subordinated loans was $<FONT STYLE="color: black">312.7</FONT>
million, of which $<FONT STYLE="color: black">68.8</FONT> million correspond to Tenaris&rsquo;s contribution.</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Under the loan agreement, Techgen is committed to maintain a debt service
reserve account covering debt service becoming due during two consecutive quarters; such account is funded by stand-by letters of credit
issued for the account of Techgen&rsquo;s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company
applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of March 31, 2025, amounted to $<FONT STYLE="color: black">9.7</FONT>
million.</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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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>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 any provision for the potential outcome of these cases.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company is party to a longstanding 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 participations in Usiminas in January 2012. The CSN lawsuit alleges that, under applicable Brazilian laws
and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas ordinary shares for
a price per share equal to 80% of the price per share paid in such acquisition, or BRL28.8, and 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.</P>

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

<!-- Field: Page; Sequence: 22; Value: 2 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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">CSN made several submissions in connection with the SCJ March 7, 2023 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. 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.</P>

<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 August 1, 2024, Confab and the other T/T Group entities filed a motion
for clarification against the SCJ decision and, subsequently, CSN filed its reply. On December 6, 2024, the SCJ rejected this motion for
clarification, confirming the obligation of Confab and the other T/T Group entities to pay indemnification in connection with the 2012
acquisition of the participations in Usiminas. Notwithstanding the foregoing, the SCJ unanimously resolved to modify the applicable monetary
adjustment mechanism and to cap the applicable attorney&rsquo;s fees, thereby lowering the aggregate amount that would be payable if CSN
ultimately prevails in this claim. Based on such SCJ decision, assuming monetary adjustment through March 31, 2025, and attorney&rsquo;s
fees in the amount of BRL5 million, the revised aggregate amount potentially payable by Confab if CSN finally prevails on its claims,
would be of approximately BRL<FONT STYLE="color: black">569.9</FONT> million (approximately $<FONT STYLE="color: black">99.2</FONT> million
at the BRL/$ 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's claims and allegations
are unsupported 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, and that in connection with the Usiminas acquisition the T/T Group was not required either to launch a tender offer
or to pay indemnification to CSN. Accordingly, on February 10, 2025, Confab and the other T/T Group entities filed a request for extraordinary
appeal against the SCJ decisions that ordered an indemnification payment, seeking their review and reversal by the Supreme Federal Tribunal.
The Company, however, cannot predict the ultimate resolution of the matter.</P>

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

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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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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">
<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">114.0</FONT> million (approximately $<FONT STYLE="color: black">19.8</FONT>
million) including interest, fees and expenses. Both parties filed motions for clarification against the court&rsquo;s decision, which
were partially granted. Although the contract between Confab and Veracel expressly provided that Confab would not be liable for damages
arising from lost profits, the court award would appear to include BRL<FONT STYLE="color: black">97.8</FONT> million (approximately $<FONT STYLE="color: black">17.0</FONT>
million) of damages arising therefrom. Confab has additional defense arguments in respect of a claim for lost profits. On December 18,
2018, Confab filed an appeal against the first instance court decision, and on April 30, 2019, Veracel filed its response to the appeal.
In June 2022, the court resolved that it lacked jurisdiction to decide on the appeal, which was re-allocated to another court. On August
26, 2024, the court issued a decision rejecting certain procedural objections and ordering that new expert evidence be produced. As a
result, the trial was redirected to the first instance court for new technical evidence to be produced by a new expert. On September 9,
2024, Veracel filed a motion for clarification, which was responded by Confab on October 23, 2024, and remains pending decision. At this
stage, the Company cannot predict the outcome of the claim or the amount or range of loss in case of an unfavourable outcome.</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: 0.5in"></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 of certain government investigations at to whether certain
payments have been 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, conducted, with the assistance
of external counsel, an internal investigation, and found no evidence corroborating any involvement by the Company or its directors, officers
or employees in respect of improper payments. An internal investigation commissioned by Petrobras also found no evidence that Confab obtained
any unfair commercial benefit or advantage from Petrobras in return for payments, including improperly obtained contracts. On June 2,
2022, the Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel inquiry without taking action.
Under the settlement with the SEC, the Company neither admits nor denies the SEC&rsquo;s findings and on June 24, 2022, paid $53.1 million
in disgorgement and prejudgment interest and $25 million for a civil penalty to conclude the matter.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In July 2019, the Company learned that the public prosecutors&rsquo; office
of Milan, Italy, had completed a preliminary investigation into the same alleged payments and had included in the investigation, among
other persons, the Company&rsquo;s Chairman and Chief Executive Officer, two other board members, Gianfelice Rocca and Roberto Bonatti,
and the Company&rsquo;s controlling shareholder, San Faustin. The Company was 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. 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 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. On December 11, 2024, the Confab executives were acquitted. The acquittal has already been appealed, so
the criminal proceedings continue to be 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 alleged damages arising from the same event against, among others, Confab and the Confab executives named in the criminal proceedings
referred to above.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 became aware of these civil claims in September
2022 and filed its defense in February 2025, requesting the suspension of the case until a final decision is made on the jurisdiction
and the dismissal on the merits of the claims made by Petrobras and the public prosecutors. As of March 31, 2025, the aggregate amount
of these claims was estimated at BRL<FONT STYLE="color: black">197.0</FONT> million (or approximately $<FONT STYLE="color: black">34.3</FONT>
million). Confab believes these claims do not address either the defence 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>

<!-- Field: Page; Sequence: 24; Value: 2 -->
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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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">In late March 2024, the Company became aware of a resolution of Brazil&rsquo;s
General Controllers Office (&ldquo;<I>Controladoria-Geral da Uni&atilde;o</I>&rdquo;), which opened administrative responsibility proceedings
against Confab and other non-Tenaris affiliates and formed an investigative commission charged with investigating purported irregularities.&nbsp;Confab
received notice in February 2025 and believes that the General Controllers Office&rsquo;s allegations do not address either the defense
arguments of the evidence available to the plaintiffs in Brazil and presented in other jurisdiction. On April 7, 2025, Confab filed its
defense and contested the allegations. At this stage, however, the Company cannot predict the outcome of these administrative proceedings.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>&nbsp;</I></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">.</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">64.0</FONT>
million (approximately $<FONT STYLE="color: black">11.1</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"><I>&nbsp;</I></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"><I>&nbsp;</I></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. Antidumping Duty Investigations</I></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On October 27, 2021, the U.S. Department of Commerce (&ldquo;DOC&rdquo;)
initiated antidumping duty investigations of oil country tubular goods (&ldquo;OCTG&rdquo;) from Argentina, Mexico, and Russia. After
the DOC issued affirmative preliminary and final antidumping determinations with respect to imports from Argentina, Mexico and Russia
on October 27, 2022, the International Trade Commission (&ldquo;ITC&rdquo;) determined that the imports under investigation caused injury
to the U.S. OCTG industry. Tenaris and other parties have appealed the agency determinations from the investigation to the Court of International
Trade, and, with respect to certain claims, to the Court of Appeals for the Federal Circuit. In addition, in response to a request from
the Government of Argentina, the World Trade Organization (&ldquo;WTO&rdquo;) established a panel of experts to consider whether the DOC&rsquo;s
antidumping order applicable to Argentina is consistent with the international obligations of the United States. As a result of the investigation,
and unless overturned on appeal, Tenaris is required to pay antidumping duty deposits (at a rate of 78.30% for imports from Argentina
and 44.93% for imports from Mexico) until such time the imports are reviewed by the DOC to determine whether final duties are necessary
for the specific period under review. Tenaris has been paying such deposits since May 11, 2022, reflecting the amount of such deposits
in its costs. The deposit rates may be reset periodically based on the results of the administrative review process. In the first administrative
review covering the period from May 11, 2022, to October 31, 2023, the DOC issued preliminary determinations. The final determination,
which could be different from the preliminary determination, is expected by September 2025. As a result of the periodic review process,
the antidumping duty deposits may be either returned to Tenaris in whole or in part, or may be increased.</P>

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

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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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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="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" 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 a long-term contract with Praxair S.A. for the service
of oxygen and nitrogen supply. As of March 31, 2025, the aggregate amount to take or pay the committed volumes for an original 14-year
term totaled approximately $<FONT STYLE="color: black">27.1</FONT> million.</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 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, and in October 2024, agreed a renovation until December 31, 2025. As of March 31, 2025, the estimated aggregate
contract amount calculated at current prices was approximately $<FONT STYLE="color: black">48.3</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 2022, and there would be no minimum yearly purchase
requirement for TMK line pipe products under the MDA neither for 2022, nor for any subsequent contract year until expiration of the MDA&rsquo;s
term. In addition, no purchases of TMK products have made since 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"></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 long-term 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">22.3</FONT>
million in case of early termination. The contract will be in effect until June 30, 2029.</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 short-term agreements with Vestas Group for the supply
of materials and services related to the construction of a wind farm in Argentina. As of March 31, 2025, the amount related to these commitments
was $<FONT STYLE="color: black">81.0</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">An Argentine subsidiary of the Company entered into short-term agreements with COARCO S.A. for execution
of civil and electrical works, including auxiliary services, related with the construction of a wind farm in Argentina. As of March 31,
2025, the remaining amount related to these commitments was $<FONT STYLE="color: black">12.9</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 U.S. subsidiary of the Company entered into a one-year agreement with U.S. Steel Corporation under which
it is committed to take or pay on a monthly basis a specified minimum volume of steel billets, at prices calculated on a monthly basis.
As of March 31, 2025, the estimated aggregate contract amount, calculated at current prices, stands at approximately $<FONT STYLE="color: black">21.0</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">An Argentine subsidiary of the Company entered into a contract with Usiminas from which it committed to
purchase steel coils to use for manufacturing welded pipes for the VMOS project in the Vaca Muerta shale formation in Argentina. As of
March 31, 2025, purchases for a remaining amount of amount of approximately $<FONT STYLE="color: black">51.7</FONT> million remain pending.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <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 -->23<!-- 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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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">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">4.2</FONT>
billion as of March 31, 2025.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; 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">As of March 31, 2025, 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">On April 30, 2024, the extraordinary general meeting of shareholders approved
the cancellation of 17,779,302 ordinary shares held in treasury by the Company repurchased during the first tranche of the initial share
buyback program and the corresponding reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally
reduced. The next extraordinary general meeting of shareholders scheduled to be held on May 6, 2025, is expected to approve the cancellation
of shares repurchased during the second, third and fourth tranches of the first share buyback program and throughout the second share
buyback program, and the corresponding reduction of the Company&rsquo;s 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">The Company may pay dividends to the extent, among other conditions, that
it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.</P>

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

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

<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">Developments concerning cancelled title deeds 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">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. The affected land plots, which are not part of SSPC&rsquo;s production facility and have a total surface of 811,284 square
meters, are located in Dammam, Saudi Arabia, and were purchased 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 (&ldquo;the land transaction&rdquo;). The land transaction occurred
before Tenaris&rsquo;s acquisition of a 47.79% interest in SSPC in 2019. On May 4, 2021, SSPC filed a petition with an <I>ad-hoc</I> created
special committee at the Saudi Ministry of Justice, seeking to have its title deeds reinstated, with no resolution having been issued
to 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">On April 28, 2025, SSPC concluded a settlement with the sellers of the
land plots purchased in 2010. Pursuant to the settlement, the land transaction was unwound, and the sellers paid an aggregate amount of
SAR211 million (or approximately $56.2 million)&nbsp;in cash. Additionally, the sellers released&nbsp;SSPC from any claim on the lands
or its title deeds and assumed&nbsp;all rights and obligations related to the pending petition. The financial effect of this settlement
will be reflected in the financial statements for the second quarter of 2025.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20</B></TD><TD STYLE="text-align: justify"><B>Foreign exchange control measures in Argentina</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">Between September 2019 and December 13, 2023, the Argentine government
imposed significant restrictions on foreign exchange transactions. After a new administration took office in Argentina in December 2023,
some of these restrictions have been progressively lifted or eased. 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" 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">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 20 business days of collection. Foreign currency proceeds from exports of
services must be sold into the MULC and converted into Argentine pesos within 20 business days of collection.&nbsp;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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 pay for imports of services is permitted as from the date of supply or accrual of
the service (if the service was rendered by a non-related party) or is deferred for 90 calendar days as from the date of supply or accrual
of the service (if rendered by a related party).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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 pay for imports of goods is permitted as from the date of customs clearance.
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; 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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: left">Access to the MULC to pay imports of capital assets is permitted according to the following schedule: up
to 30% in advance; up to 50% against shipment; and the balance against customs clearance.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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 pay dividends will be permitted for distributable earnings corresponding to full
fiscal years commencing after January 1, 2025. For accumulated earnings relating to prior years, the Argentine Central Bank will issue
a new instrument in U.S. Dollars (BOPREAL Series 4), fully amortizing on the third anniversary of its issuance, with semi-annual coupon
payments, which can be subscribed to in Argentine Pesos.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Access to foreign currency and transfers out of Argentina to make payments
that remain restricted 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 still subject to certain
restrictions and limits. It is still unclear if or when the Argentine 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 Administration maintained a &ldquo;crawling peg&rdquo;
policy by devaluating the Argentine currency at a rate of approximately 2% per month through February 1, 2025, and at approximately 1%
per month from then through April 14, 2025. On that date, the Argentine government put an end to the existing regime and established a
trading band allowing the Argentine peso to float between 1,000 and 1,400 against the U.S. Dollar. The upper level of the band will increase
by 1% per month and the lower level of the band will decrease by 1% per month. In addition, the Argentine Central Bank is allowed to sell
foreign currency when the market price hits the upper level and is allowed to purchase foreign currency (to increase its foreign reserves)
within the band and below its lower level. In the first weeks following the change of regime, the official exchange rate fluctuated within
the bottom half of the band. &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">Tenaris&rsquo;s financial position in Argentine pesos as of March 31, 2025,
amounted to a net <FONT STYLE="color: black">short</FONT> exposure of approximately $<FONT STYLE="color: black">4.3</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">130.1</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 further devaluation of the Argentine peso against the U.S. dollar.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2025, the total equity of Argentine subsidiaries represented
approximately <FONT STYLE="color: black">12%</FONT> of Tenaris&rsquo;s total equity and the sales made by Argentine subsidiaries during
the period ended March 31, 2025, amounted approximately to <FONT STYLE="color: black">15%</FONT> of Tenaris&rsquo;s total sales. Assets
and liabilities denominated in Argentine peso as of March 31, 2025, 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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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>21</B></TD><TD><B>Cash flow disclosures</B></TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</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="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</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="6" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>(i)</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">204,777</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">574</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, contract assets 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">(24,929</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">(62,847</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">77,023</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">168,911</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">Other liabilities and current 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">3,784</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(31,433</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">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">20,335</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(23,697</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">(57,173</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">(61,056</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">223,817</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">(9,548</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>(ii)</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">81,342</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84,856</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">(135,475</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">(114,078</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">(54,133</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">(29,222</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>(iii)</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">(66,699</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">(35,706</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">65,567</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65,094</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; 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">(7,291</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">(17,450</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">(8,423</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">11,938</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"><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.</FONT></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: 0.5in"><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"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2025:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><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 <FONT STYLE="color: black">713,605,187</FONT>
shares in the Company, representing <FONT STYLE="color: black">61.37%</FONT> of the Company&rsquo;s share capital and <FONT STYLE="color: black">66.57%</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located
in the Netherlands (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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">No person or group of persons controls RP STAK.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Based on the information most recently available to the Company, Tenaris&rsquo;s
directors and senior management as a group owned <FONT STYLE="color: black">0.07%</FONT> of the Company&rsquo;s share capital and <FONT STYLE="color: black">0.08%
of the voting rights.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 that are not non-consolidated parties are
disclosed as &ldquo;other related parties&rdquo;.</P>

<P STYLE="color: #000099; font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="margin: 0pt 0; color: #000099; font-size: 10pt; text-align: justify"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following 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="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</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="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><B>(i)</B></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="6" 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></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="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; 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">5,029</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">10,934</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">18,185</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28,850</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">1,410</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">167</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">35</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD 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</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">44,026</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">32,676</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">68,685</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">72,662</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">45,962</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,869</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">13,726</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,691</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">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">3,356</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,085</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">4,672</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,319</TD><TD STYLE="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">15,540</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,593</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">83,256</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">58,175</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">1,475</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">1,552</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">1,475</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">1,552</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" 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="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><B>(ii)</B></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">4,720</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">3,133</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">69,714</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68,759</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">43,804</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47,713</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">(31,885</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">(23,531</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">(1,727</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">)</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">(7,060</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">(12,165</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">77,566</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">83,857</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">(1,032</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">(1,026</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">(235</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">(260</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">(1,267</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">(1,286</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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"></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>23</B></TD><TD STYLE="text-align: justify"><B>Share Buyback Program</B></TD></TR></TABLE>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On November 1, 2023, the Company&rsquo;s board of directors approved a
share buyback program of up to $1.2 billion, to be executed within a year, with the intention to cancel the ordinary shares acquired through
the program.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The share buyback program was carried out under the authority granted by
the annual general meeting of shareholders held on June 2, 2020, up to a maximum of 10% of the Company&rsquo;s shares.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For purposes of carrying out each tranche of the first share buyback program,
Tenaris entered into non-discretionary buyback agreements with primary financial institutions that made trading decisions concerning the
timing of the purchases of Tenaris&rsquo;s ordinary shares independently of and uninfluenced by Tenaris and acted in compliance with applicable
rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.</P>

<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 first share buyback program, which was divided into four tranches
and ran from&nbsp;November 5, 2023, to (and including)&nbsp;August 2, 2024, the Company purchased <FONT STYLE="color: black">71,679,768</FONT>
ordinary shares, representing 6.07% of the Company&rsquo;s issued share capital at the beginning of the program, for a total consideration
of approximately $1.2 billion (excluding incidental transaction fees).</P>

<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>Second Share Buyback Program</I></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On November 6, 2024, the Company&rsquo;s board of directors approved a
follow-on share buyback program of up to $700 million (excluding incidental transaction fees), subject to a maximum of 46,373,915 ordinary
shares, representing the remaining 3.93% of the Company&rsquo;s issued share capital (measured as of the launch of the first share buyback
program), to complete the maximum of 10% of the share capital that may be repurchased by the Company, with the intention to cancel the
shares acquired through the program. The share buyback program was carried out under the authority granted by the annual general meeting
of shareholders held on June 2, 2020, to repurchase up to a maximum of 10% of the Company&rsquo;s shares.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For purposes of carrying out the second share buyback program, the Company
entered into a non-discretionary buyback agreement with a primary financial institution, which made trading decisions concerning the timing
of the purchases of the Company&rsquo;s shares independently of and uninfluenced by the Company and act in compliance with applicable
rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.</P>

<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 second share buyback program ran from November 11, 2024, to (and including)
March 4, 2025. During the follow-on share buyback program, the Company repurchased 36,862,132 ordinary shares, representing 3.12% of the
Company&rsquo;s issued share capital as measured at the beginning of the first program, for a total consideration of approximately $700
million (excluding incidental transaction fees).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">During the three-month period ended March 31, 2025, the Company purchased
12,277,261 shares, for approximately $235 million (including a positive performance amount of $1.1 million). During the three-month period
ended March 31, 2024, the Company purchased 17,168,061 shares, for approximately $311 million (including a negative performance amount
of $4.6 million).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: windowtext">As of March 31, 2025, the Company held
</FONT>90,762,598 <FONT STYLE="color: windowtext">shares as treasury shares. The Company intends to cancel all treasury shares purchased
under the share buyback programs in </FONT>the next extraordinary general meeting of shareholders scheduled to be held on May 6, 2025,
and to approve the corresponding reduction of the Company&rsquo;s issued share capital for $90,762,598 so as to bring the issued share
capital from $1,162,757,528 to $1,071,994,930.</P>

<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, 2024, the Company held a liability in connection to
the shares to be settled under the share buyback programs that amounted to $<FONT STYLE="color: black">243.3</FONT> 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: 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="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="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></TD><TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: rgb(102,102,102)"><I>For the three-month period ended March 31, 2025 - all amounts in thousands of U.</I></FONT><I><FONT STYLE="font-size: 8pt; color: #666666">S. dollars, unless otherwise stated</FONT></I></P></TD><TD STYLE="border-bottom: Black 1pt solid">&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>24</B></TD><TD STYLE="text-align: justify"><B>Tariffs on steel imports in the United States</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 February 1, 2025, the U.S. government announced the imposition of flat
tariffs applicable to all products imported from Mexico and Canada, but subsequently suspended the effectiveness of such tariffs, citing
ongoing trade negotiations.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On February 10, 2025, the U.S. government announced changes to the tariffs
applicable to imported steel products, including those produced and sold by the Company. These charges include the extension of a 25%
tariff to all imported steel products, which became effective on March 12, 2025, pursuant to a phased-in implementation plan, initially
applying to raw steel products, with downstream (&ldquo;derivative&rdquo;) products being subject to the tariff starting June 1, 2025.&nbsp;Exclusions
that currently exempt specific products and countries from the existing tariffs would end under the announced plan.&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">These announced U.S. tariffs on steel imports and other tariffs (including
those arising under the reciprocal tariff regime announced by the U.S. government on April 2, 2025, or under the retaliatory measures
enacted by other countries) could affect market prices and dynamics, supply chains, and cost structures. However, implementation is still
uncertain.&nbsp;Negotiations between trading partners on this matter are also not unlikely and in some cases ongoing. The potential for
litigation or international retaliation introduces further uncertainties. In this context, the Company is unable at this time to predict
the evolution or ultimate outcome of these developments, or to quantify the impact that the announced measures, if maintained, would have
on its business or financial condition.</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="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 50%; font-size: 10pt">Alicia M&oacute;ndolo</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">Chief Financial Officer</TD></TR>
  </TABLE>


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

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

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

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

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

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

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

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

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

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