<SEC-DOCUMENT>0001171843-25-004951.txt : 20250801
<SEC-HEADER>0001171843-25-004951.hdr.sgml : 20250801
<ACCEPTANCE-DATETIME>20250801073411
ACCESSION NUMBER:		0001171843-25-004951
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250801
DATE AS OF CHANGE:		20250801

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:		251173694

	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_073025.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>FORM 6 - K</B></FONT></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></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 30 July, 2025</B></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Form 20-F&#8239;<U>&#8239;&check;&#8239;</U> Form 40-F <U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></P>

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

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<P STYLE="font-size: 10pt; margin: 0pt 0">The attached material is being furnished to the Securities and Exchange Commission pursuant
to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris S.A. Half-year report
2025 &ndash; Interim management report.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">&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: 30 July 2025</P>

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<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"></P>

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

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

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

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

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



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

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<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>



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<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"></P>

<DIV STYLE="padding: 5pt; border: Black 1pt solid">

<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"></P>

<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<DIV STYLE="float: left; width: 49%"><P STYLE="margin: 0pt 0; color: #8E8E8E; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt; font-variant: small-caps; text-transform: none">CERTAIN
DEFINED TERMS</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">References
                                            in this half-year report to &ldquo;the Company&rdquo; are exclusively to Tenaris S.A., a
                                            Luxembourg soci&eacute;t&eacute; anonyme.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">References
                                            in this half-year report to &ldquo;Tenaris&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or
                                            &ldquo;our&rdquo; are to Tenaris S.A. and its consolidated subsidiaries. See &ldquo;II. Accounting
                                            Policies A. Basis of presentation&rdquo; and &ldquo;II. Accounting Policies B. Group accounting&rdquo;
                                            to our unaudited consolidated condensed interim financial statements included in this half-year
                                            report.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">References
                                            in this half-year report to &ldquo;San Faustin&rdquo; are to San Faustin S.A., a Luxembourg
                                            soci&eacute;t&eacute; anonyme and the Company&rsquo;s controlling shareholder.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;shares&rdquo;
                                            refers to ordinary shares, par value $1.00, of the Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&ldquo;ADSs&rdquo;
                                            refers to the American Depositary Shares, which are evidenced by American Depositary Receipts,
                                            and represent two shares each.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;OCTG&rdquo;
                                            refers to oil country tubular goods.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&ldquo;tons&rdquo;
                                            refers to metric tons; one metric ton is equal to 1,000 kilograms, 2,204.62 pounds, or 1.102
                                            U.S. (short) tons.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&ldquo;billion&rdquo;
                                            refers to one thousand million, or 1,000,000,000.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&ldquo;U.S.
                                            dollars&rdquo;, &ldquo;US$&rdquo;, &ldquo;USD&rdquo; or &ldquo;$&rdquo; each refers to the
                                            United States dollar.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">This half-year report for the six-month period ended June 30,
2025, has been prepared in compliance with Article 4 of the Luxembourg Transparency Law of 11 January 2008 (as amended), and should be
read in conjunction with the annual report for the year ended December 31, 2024 (including the financial statements contained therein)
and the unaudited consolidated condensed interim financial statements included in this half-year report.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">We publish consolidated financial statements presented in increments
of a thousand U.S. dollars. The unaudited consolidated condensed interim financial statements included in this half-year report have
been prepared in accordance with IAS 34, &ldquo;Interim Financial Reporting&rdquo; as issued by the IASB and as adopted by the EU. These
unaudited consolidated condensed interim financial statements should be read in conjunction with the audited consolidated financial statements
for the year ended December 31, 2024, which have been prepared in accordance with IFRS. See note 2 &ldquo;Accounting Policies and Basis
of Presentation&rdquo; to our unaudited consolidated condensed interim financial statements included in this half-year report.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt">The unaudited consolidated condensed interim financial statements
included in this half-year report have been reviewed by Forvis Mazars, <I>Cabinet de r&eacute;vision agr&eacute;&eacute;</I>, the Company&rsquo;s
statutory auditor, in accordance with the lnternational Standard on Review Engagements 2410, &quot;<I>Review of lnterim Financial lnformation
Performed by the lndependent Auditor of the Entity</I>&quot; issued by the lnternational Auditing and Assurance Standards Board.</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"><FONT STYLE="font-size: 8pt">Whenever necessary, certain comparative amounts have been reclassified
to conform to changes in presentation in the current period.</FONT></P>

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

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

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

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

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

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

<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"><FONT STYLE="font-size: 8pt">This version of the half-year report is the only authoritative
version and is available on the Luxembourg Stock Exchange website: <FONT STYLE="color: windowtext">https://my.luxse.com/FIRST</FONT></FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>Industry Data</B></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"><FONT STYLE="font-size: 8pt">Unless otherwise indicated, industry data and statistics (including
historical information, estimates or forecasts) in this half year report are contained in or derived from internal or industry sources
believed by Tenaris to be reliable. Industry data and statistics are inherently predictive and are not necessarily reflective of actual
industry conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both
the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant
market. In addition, the value of comparisons of statistics for different markets is limited by many factors, including that (i) the
markets are defined differently, (ii) the underlying information was gathered by different methods and (iii) different assumptions were
applied in compiling the data. Such data and statistics have not been independently verified, and the Company makes no representation
as to the accuracy or completeness of such data or any assumptions relied upon therein.</FONT></P>

</DIV>

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

<DIV STYLE="float: right; width: 49%"><P STYLE="margin: 0pt 0; color: #8E8E8E; font-size: 10pt"><FONT STYLE="font-size: 8pt; font-variant: small-caps"><B>CAUTIONARY STATEMENT
CONCERNING FORWARD-LOOKING STATEMENTS</B></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"><FONT STYLE="font-size: 8pt">This half-year report and any other oral or written statements
made by us to the public may contain &ldquo;forward-looking statements&rdquo; within the meaning and subject to the &ldquo;safe harbor&rdquo;
provisions of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements
are based on management&rsquo;s current views and assumptions and are provided to allow potential investors the opportunity to understand
management&rsquo;s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating
an investment. Forward-looking statements involve known and unknown risks that could cause actual results, performance or events to differ
materially from those expressed or implied by those statements.</FONT></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">our
                                            ability to implement our business strategy and to adapt it adequately to the energy transition;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">our
                                            ability to grow through acquisitions, joint ventures and other investments, or integrate
                                            newly acquired businesses or assets;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">our
                                            ability to provide value added products and services and price such products and services
                                            in accordance with our strategy;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">trends
                                            in the levels of investment in oil and gas exploration and drilling worldwide;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">the
                                            competitive environment or level of consolidation in our business and our industry;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">the
                                            impact of climate change legislation, including increasing regulatory requirements and extensive
                                            technology and market changes aimed at transitioning to a lower-carbon economy and reducing
                                            greenhouse gas (&ldquo;GHG&rdquo;) emissions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">the
                                            physical risks resulting from climate change, including natural disasters, increased severity
                                            of extreme weather events, chronic climate changes and long-term shifts in weather patterns;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">our
                                            ability to absorb cost increases and to secure supplies of essential raw materials and energy;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">our
                                            ability to adjust fixed and semi-fixed costs to fluctuations in product demand;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">the
                                            impact of the world&rsquo;s economy on the energy sector in general, or our business and
                                            operations;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">general
                                            macroeconomic conditions, including renewed inflation or high inflation rates, inflation
                                            containment measures and foreign exchange measures, as well as, international conflicts,
                                            public health epidemics and other political, social, or economic conditions and developments
                                            in the countries in which we operate or distribute pipes, including developments in connection
                                            with the Russia-Ukraine war and Middle East armed conflicts; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">changes
                                            to applicable laws and regulations, including the imposition of recent or additional tariffs
                                            or quotas or other trade barriers.</FONT></TD></TR></TABLE>

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

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

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    <TD STYLE="font-weight: bold; text-align: left; width: 90%"><A HREF="#a_001">INTERIM MANAGEMENT REPORT</A></TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 10%"><A HREF="#a_001">4</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 20pt; font-style: italic; text-align: left"><A HREF="#a_002">Company Overview</A></TD>
    <TD STYLE="font-style: italic; text-align: right"><A HREF="#a_002">4</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 20pt; font-style: italic; text-align: left"><A HREF="#a_003">Principal Risks and Uncertainties</A></TD>
    <TD STYLE="font-style: italic; text-align: right"><A HREF="#a_003">5</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 20pt; font-style: italic; text-align: left"><A HREF="#a_004">Outstanding Legal Proceedings</A></TD>
    <TD STYLE="font-style: italic; text-align: right"><A HREF="#a_004">11</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 20pt; font-style: italic; text-align: left"><A HREF="#a_005">Business Overview</A></TD>
    <TD STYLE="font-style: italic; text-align: right"><A HREF="#a_005">12</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 20pt; font-style: italic; text-align: left"><A HREF="#a_006">Other Significant Events of the Period</A></TD>
    <TD STYLE="font-style: italic; text-align: right"><A HREF="#a_006">17</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 20pt; font-style: italic; text-align: left"><A HREF="#a_007">Related Party Transactions</A></TD>
    <TD STYLE="font-style: italic; text-align: right"><A HREF="#a_007">20</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_008">MANAGEMENT CERTIFICATION</A></TD>
    <TD STYLE="font-weight: bold; text-align: right"><A HREF="#a_008">21</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_012">FINANCIAL INFORMATION</A></TD>
    <TD STYLE="font-weight: bold; text-align: right"><A HREF="#a_012">22</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 20pt; font-style: italic; text-align: left"><A HREF="#a_010">Consolidated Condensed Interim Financial Statements</A></TD>
    <TD STYLE="font-style: italic; text-align: right"><A HREF="#a_010">23</A></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_011">EXHIBIT I &ndash; ALTERNATIVE PERFORMANCE MEASURES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right"><A HREF="#a_011">53</A></TD></TR>
  </TABLE>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><A NAME="a_001"></A><B></B></P>

<P STYLE="margin: 0pt 0; color: #008F00; font-size: 10pt"><B>INTERIM MANAGEMENT REPORT</B></P>

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Through an integrated global network of R&amp;D, manufacturing, and service facilities, and
a team of around 26,000 people worldwide, we work with our customers to meet their needs in a timely manner, observing the highest levels
of product performance and reliability.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">For more information on the Company, including its business strategy, competitive strengths,
business segments, products, processes and facilities, main competitors, raw materials and energy, main investments and capital expenditure
program, see our annual report for the year ended December 31, 2024, and for a discussion and analysis of our financial condition and
results of operations see &ldquo;Business overview - Operating and Financial Review and Prospects&rdquo; in this half-year report.</P>

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">There is also an increased attention on GHG emissions and climate change from different sectors
of society. The Paris Agreement, adopted at the 2015 United Nations Climate Conference, sets out the global framework to limit the rising
temperature of the planet and to strengthen the countries&rsquo; ability to deal with the effects of climate change. Government initiatives
to reduce GHG emissions, such as the adoption of &ldquo;cap-and-trade&rdquo; systems (such as the EU Emissions Trading System (&ldquo;ETS&rdquo;)),
the introduction of a carbon tax or carbon-pricing systems (such as the EU Carbon Border Adjustment Mechanism (&ldquo;CBAM&rdquo;)), or
other measures to promote the use of renewable energy sources, or electric vehicles, could affect oil and gas prices. The EU ETS signaled
a major EU energy policy to combat global warming based on a &ldquo;cap &amp; trade&rdquo; program, and the European Green Deal, launched
in 2019, focuses on adopting the required policies and measures aimed at reaching zero GHG emissions in Europe by 2050. Similarly, the
EU CBAM, which was adopted on May 17, 2023, aims at promoting a reduction of emissions worldwide by subjecting the import of certain products,
including steel, from countries outside of the EU to a carbon levy linked to the carbon price payable for goods produced in EU countries.
Starting on January 1, 2026, the CBAM will enter into full force and importers will need to obtain an authorization to import goods covered
by the CBAM, make annual statements on the quantity of goods imported into the EU and their embedded GHG emissions and purchase certificates
to cover their declared emissions. Other countries are introducing or considering similar measures or regulations, which aim at lowering
emissions. If there is no meaningful progress in lowering carbon emissions in the years ahead, there is an increased possibility of abrupt
policy interventions as governments attempt to meet their environmental goals by adopting policy, legal, technology and market changes
in the transition to a low-carbon global economy.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">In addition, the global regulatory landscape for Environmental, Social and Governance (&ldquo;ESG&rdquo;)
is becoming increasingly complex, and jurisdictions in which we have operations have adopted or proposed laws, regulations and policies
that diverge from, or potentially conflict with, those in other jurisdictions. For example, the EU has adopted regulation enhancing disclosure
of climate-related matters, including the EU taxonomy classification system (designed to help the EU scale up sustainable investment and
implement the European Green Deal), the Corporate Sustainability Reporting Directive (which mandates disclosure of risks and opportunities
arising from social and environmental issues, and on the impacts of activities on people and the environment) and the Corporate Sustainability
Due Diligence Directive (requiring to identify, prevent, mitigate, and account for adverse human rights and environmental impacts in operations
and supply chains). In addition to laws, regulations and policies aimed at enhancing transparency and promoting sustainability-related
practices, there has been an increase in regulatory activity against climate and diversity-related initiatives, which has led and may
continue to lead to new laws, regulations and policies seeking to limit, discourage or prohibit such initiatives. Failure to comply with
any legislation, regulation or policy, including as a result of good faith interpretations that may differ from those taken by enforcement
authorities in relevant jurisdictions, could lead to substantial fines, regulatory sanctions, reputational damage and operational changes.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We provide products and services to the oil and gas industry, which accounts, directly and indirectly,
for a significant portion of GHG emissions. Existing and future legislation and regulations related to GHG emissions (such as increased
pricing of GHG emissions and enhanced emissions-reporting obligations) and climate change, as well as government initiatives to promote
the use of alternative energy sources and substitute existing products and services with lower emissions options (with many jurisdictions
implementing tax advantages and other subsidies to promote the development of renewable energy sources, or even requiring minimum thresholds
for power generation from renewable sources), and the increased competitiveness of alternative sources of energy, may significantly curtail
demand for and production of fossil fuels, such as oil and natural gas. These initiatives, together with the growing social awareness
regarding climate change and other environmental matters, have resulted in increased investor and consumer demand for renewable energy
and additional compliance requirements for fossil energy projects, which could become more stringent over time and to result in substantial
increases in costs for the oil and natural gas industry, potentially leading to write-offs and early retirement of existing assets. Furthermore,
ongoing technological developments in the renewable energy industry are making renewable energy increasingly competitive with fossil-fuels.
If this trend continues, energy demand could shift increasingly towards more environmentally sustainable sources such as hydroelectrical,
solar, wind and other renewable energies, which would, in turn, reduce demand for oil and natural gas, thus negatively affecting demand
for our products and services and, ultimately, our future results of operations. In addition, adoption of new climate change legislation
in the countries in which Tenaris operates could result in incremental operating costs (such as incremental compliance costs and increased
insurance premiums) and unexpected capital expenditures and, eventually, affect our competitiveness and reduce our market share. Also,
shifts in customer preferences and failure to respond to shareholders&rsquo; demand for climate-related measures and environmental standards
could harm our reputation, adversely affect the ability or willingness of our customers or suppliers to do business with us, negatively
impact workforce management and planning, erode stakeholder support and restrict or reduce access to financial resources. Moreover, our
customers, investors, regulators, employees and other stakeholders have differing requirements, expectations, demands and perspectives
on these topics, which are continuing to evolve and diverge. We may not be able to meet the differing requirements, expectations and demands
of all of our stakeholders, which could harm our reputation, subject us to legal and operational risks, impact customer demand, and adversely
impact our financial condition and operating results.</P>

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Because of the global nature of our operations, we export and import products from several countries
and, in many jurisdictions, we supplement domestic production with imported products. We import OCTG from Argentina and Mexico to complement
our significant and growing production in the United States. From time to time, local producers seek the imposition of import restrictions
or the initiation of antidumping or countervailing duty proceedings. For example, in October 2021, the U.S. Department of Commerce (&ldquo;DOC&rdquo;)
initiated antidumping duty investigations of OCTG imports from Argentina, Mexico, and Russia and countervailing duty investigations of
OCTG imports from Russia and South Korea, which resulted in a determination by the International Trade Commission, issued in October 2022,
that the imports under investigation caused injury to the U.S. OCTG industry, bringing the investigation phase to a conclusion. Tenaris
and other parties have appealed the agencies&rsquo; 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 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. For more information on the result of the investigations,
the DOC&rsquo;s determination and current status of this matter, please refer to note 18 to our unaudited consolidated condensed interim
financial statements included in this half-year report for a summary description of Tenaris&rsquo;s material outstanding legal proceedings
as of the date of such financial statements. Antidumping or countervailing duty proceedings, any resulting penalties or any other form
of import restriction have in the past impeded, and may in the future restrict, our access to important export markets for our products,
thereby adversely impacting our sales or limiting our opportunities for growth.</P>

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">In March 2018, the U.S. imposed a 25% tariff, under Section 232 of the Trade Expansion Act of
1962, on imported steel products, with some country exemptions and quotas. In early 2025, the U.S. announced broader tariffs, extending
the 25% rate to all imported steel and derivative products, including those produced and sold by the Company, with phased implementation.
In June 2025, these tariffs were increased to 50% (except for steel imports from the United Kingdom which remain subject to a 25% tariff).
These announced U.S. tariffs on steel imports and other tariffs, including reciprocal tariffs or retaliatory measures by other countries,
could affect market prices and dynamics, supply chains, and cost structures. Implementation is still uncertain. 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. For more information on this matter, please refer to note
24 to our unaudited consolidated condensed interim financial statements included in this half-year report.</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Any adverse economic, political or social developments in the countries in which we operate
may negatively affect our revenues, profitability and financial condition. We have significant operations in various countries, including
Argentina, Brazil, Canada, China, Colombia, Indonesia, Italy, Mexico, Nigeria, Romania, Saudi Arabia, the United Arab Emirates and the
United States, and we sell our products and services throughout the world. Therefore, like other companies with worldwide operations,
our business and operations have been, and in the future could be, affected from time to time to varying degrees by political, economic,
social and public health developments and changes in laws and regulations. These developments and changes may include, among others, nationalization,
expropriation or forced divestiture of assets; restrictions on production, imports and exports, antidumping or countervailing duties,
travel, transportation or trade bans; interruptions in the supply of essential energy inputs; exchange and/or transfer restrictions, inability
or increasing difficulties to repatriate income or capital or to make contract payments; inflation; devaluation; war or other armed conflicts
(including the Russia-Ukraine war and regional conflicts in the Middle East and Africa); civil unrest and local security concerns, including
high incidences of crime and violence involving drug trafficking organizations that threaten the safe operation of our facilities and
operations; direct and indirect price controls; tax increases and changes (including retroactive) in the interpretation, application or
enforcement of tax laws and other claims or challenges; cancellation of contract or property rights; and delays or denials of governmental
approvals. Both the likelihood of such occurrences and their overall impact upon us vary greatly from country to country and are not predictable.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Armed conflicts, such as the Russia-Ukraine war, may adversely affect our operations. Russia
is a major supplier of oil and gas in Europe and worldwide, and Russia and Ukraine are both major global suppliers of internationally
traded steelmaking raw materials and semi-finished steel products. As a result of the war and related sanctions, energy and commodity
prices spiked upwards and foreign trade transactions involving Russian and Ukrainian counterparties have been severely affected. A long-standing
conflict makes it hard to predict how energy and commodity prices will continue to behave as higher prices and possible shortages of energy
and raw materials used in our steelmaking operations (including natural gas and electric energy, particularly in Europe, steel scrap,
pig iron, direct reduced iron (&ldquo;DRI&rdquo;), hot briquetted iron (&ldquo;HBI&rdquo;), ferroalloys, steel bars, coils and plates)
would result in higher production costs and potential plant stoppages, affecting our profitability and results of operations. As a result
of existing or future economic sanctions imposed on Russia, we or our contractors (including shipping companies) may not be able to continue
purchasing products from, or making payments to, Ukrainian or Russian suppliers or counterparties; and we may not be able to promptly
procure such raw materials from other suppliers, or we may be required to purchase raw materials at increased prices.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We have suspended sales to Russian customers or purchases from Russian suppliers that would
breach applicable sanctions, we have closed our representative office in Moscow and we terminated our joint venture in Russia with Severstal.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We plan to continue implementing our business strategy of consolidating our position as a leading
global supplier of integrated product and service solutions to the energy and other industries and adapting to the energy transition through
reducing the carbon emissions in our operations and developing and supplying products and services for low-carbon energy applications,
as well as continuing to pursue strategic investment opportunities. Any of the components of our overall business strategy could cost
more than anticipated (including as a result of increasing regulatory requirements aimed at transitioning to a lower-carbon economy),
may not be successfully implemented or could be delayed or abandoned. Even if we successfully implement our business strategy, it may
not yield the expected results, or decisions by our joint venture partners may frustrate our initiatives.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">One element of our business strategy is to identify and pursue growth-enhancing strategic opportunities
by making significant capital investments and acquiring interests in, or businesses of, various companies. We must necessarily base any
assessment of potential acquisitions, joint ventures and capital investments, on assumptions with respect to timing, profitability, market
and customer behavior, and other matters that may subsequently prove to be incorrect. Our past or future acquisitions, significant investments
and alliances may not perform in accordance with our expectations and could adversely affect our operations and profitability. In addition,
new demands on our existing organization and personnel resulting from the integration of new acquisitions could disrupt our operations
and adversely affect our operations and profitability. Moreover, as part of future acquisitions, we may acquire assets that are unrelated
to our business, and we may not be able to integrate these assets or sell them under favorable terms and conditions. In addition, acquisitions
may be subject to challenges or investigations by governmental authorities, including antitrust and consumer-protection authorities. The
costs of complying with authorization or investigation procedures may be significant. Also, antitrust authorities are looking very closely
at the effects of acquisitions and may deny authorizations, impose conditions that may result in significant costs or deprive Tenaris
of the advantages and expected synergies of acquisitions, or initiate investigation upon challenges brought by third parties. Challenges
to acquisitions or other investments, and failure to obtain, or conditions imposed for the granting of, authorizations may prevent or
delay transactions, which could have an adverse effect on our financial condition and results of operations.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We are subject to tax laws in numerous foreign jurisdictions where we operate. The integrated
nature of our worldwide operations can produce conflicting claims from revenue authorities in different countries as to the profits to
be taxed in the individual countries, including disputes relating to transfer pricing. Most of the jurisdictions in which we operate have
double tax treaties with foreign jurisdictions, which provide a framework for mitigating the risk of double taxation on our results. However,
in case double taxation persists, dispute resolution mechanisms developed to resolve such conflicting claims are largely untried and can
be expected to be very lengthy. In recent years, tax authorities around the world have increased their scrutiny of company tax filings
and have become more rigid in exercising any discretion they may have. Our interpretation and application of the tax laws could differ
from that of the relevant governmental taxing authority, which could result in the payment of additional taxes, penalties or interest,
negatively affecting our profitability and financial condition. In December 2021, the OECD released the Pillar Two model rules (the Global
Anti-Base Erosion rules, or &ldquo;GloBE&rdquo;) to reform international corporate taxation. Following Pillar Two Organization for Economic
Co-operation and Development&rsquo;s (&ldquo;OECD&rdquo;) initiative, the EU adopted in December 2022 a directive to impose a global minimum
taxation for multinational companies in the European Union, effective as from January 1, 2024. On December 20, 2023, the Luxembourg Parliament
approved the Pillar Two law transposing the EU Pillar Two Directive into domestic legislation. The law took effect for fiscal years commencing
on or after December 31, 2023. The Company is within the scope of the rules, and therefore is required to calculate its GloBE effective
tax rate for each jurisdiction where it operates and is liable to pay a top-up tax for the difference between its GloBE effective tax
rate per jurisdiction and the 15% minimum rate. While the implementation of the Pillar Two project is underway in many countries, negotiations
among the respective countries regarding Pillar One implementation details have not yet concluded, and therefore, it is not yet clear
when it will be fully in effect. The European Commission (&ldquo;EC&rdquo;) adopted in 2016 its Anti-Tax Avoidance Directive (&ldquo;ATAD&rdquo;),
later expanded by ATAD 2, which seeks to prevent tax avoidance by companies and to ensure that companies pay appropriate taxes in the
markets where profits are effectively made, and business is effectively performed. In addition, the EC drafted a directive aiming to avoid
the use of shell entities (ATAD 3), which is still under discussion. On January 20, 2025, the United States announced that it would withdraw
from the OECD Global Tax Deal and that any prior commitments made by the United States will no longer have any force or effect. The memorandum
announcing the withdrawal also directed the U.S. Secretary of the Treasury to develop and deliver to President Trump, within 60 days,
a list of protective measures or other options towards foreign countries that are either not in compliance with any tax treaty with the
United States or have, or are likely to have, tax rules that are extraterritorial or disproportionately affect U.S. companies. More recently,
there are ongoing developments in discussions and potential agreements that may lead to future changes in Pillar 2 regulations, potentially
reducing the impact on U.S.-based companies. However, at this stage, the scope and implementation details of such prospective reforms
remain unknown. Regardless of whether these discussions advance or not, no material impact is expected for our company under either scenario.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">We may be required to record a significant charge to earnings if we must reassess our goodwill
or other assets as a result of changes in assumptions underlying the carrying value of certain assets, particularly as a consequence of
deteriorating market conditions. As of June 30, 2025, we had approximately $1,090 million in goodwill corresponding mainly to the acquisition
of Hydril Company in 2007.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Cyberattacks could have a material adverse impact on our business and results of operations.
We rely heavily on information systems to conduct our operations, and digital technologies have an increasingly significant role across
our business. Although we devote significant resources to protect our systems and data and we continually monitor and evaluate the actual
or potential impact of external developments and available information on threats and security incidents, we have experienced and expect
to continue to experience varying degrees of cyber incidents in the normal conduct of our business, which may occasionally include sophisticated
cybersecurity threats such as unauthorized access to data and systems, loss or destruction of data, computer viruses or other malicious
code, phishing, ransomware, spoofing, cyberattacks and/or cybersecurity risks arising from service providers. These threats often arise
from numerous sources, not all of which are within our control, such as fraud or malice from third parties, including fraud involving
business email compromises, failures of computer servers or other accidental technological failures, electrical or telecommunication outages
or other damage to our property or assets. Cybersecurity threats represent one of the most significant risks for most businesses.&#8239;Cyberattack
attempts continued to increase throughout 2024 and the first half of 2025, and the development and wide availability of artificial intelligence
(&ldquo;AI&rdquo;) has increased the number, scope and chances of success of such attacks. In addition, emerging technologies, like generative
artificial intelligence (&ldquo;GenAI&rdquo;), which are becoming available more widely and faster, are expected to exacerbate cyber resilience
challenges. In 2024 and the first half of 2025, we continued improving cybersecurity controls, processes and procedures to monitor, detect,
assess, respond to and recover from hacking, malware infections, cybersecurity compromises and other risks, with the aim of increasing
our cyber resilience. In addition, we continued with cybersecurity awareness and ethical phishing campaigns aimed at protecting us against
cyberthreats, and tailored cybersecurity training programs addressed to our executives and employees. We have also instructed our employees
not to submit confidential information to any AI that is not approved by Tenaris. However, given the rapidly evolving nature of cyberthreats,
and particularly as the adoption of AI tools becomes more relevant to Tenaris operations, there can be no assurance that the systems we
have designed to prevent or limit the effects of cyber incidents or attacks will be adequate, and such incidents or attacks could have
a material adverse impact on our systems. While we attempt to mitigate these risks, we remain vulnerable to known or unknown threats,
including theft, misplacement or loss of data, programming errors, employee errors and/or dishonest behavior that could potentially lead
to the compromising of sensitive information, improper use of our systems or networks, as well as unauthorized access, use, disclosure,
modification or destruction of such information, systems and/or networks. Furthermore, the increasing complexity of supply chains poses
an additional cybersecurity risk, considering software vulnerabilities and the risk of propagation of cyberattacks throughout Tenaris&rsquo;s
ecosystem, including suppliers, service providers and customers. There is no assurance that the systems implemented by third parties will
be effective, and Tenaris cannot fully control the exposure to failures or breaches of such systems. If critical suppliers, service providers,
customers or other relevant third parties become subject to cyberattacks, depending on their scope and success, Tenaris&rsquo;s information
or systems may be compromised and, eventually, such third parties may be unable to provide key services or supplies, thus affecting our
activities and operations. If our systems for protecting against cybersecurity risks (or cybersecurity measures implemented by our suppliers,
service providers and customers) are circumvented or breached, this could also result in disruptions to our business operations (including
but not limited to, defective products, production downtimes or loss of productivity), access to our financial reporting systems, the
loss of access to critical data or systems, misuse or corruption of critical data and proprietary information (including our intellectual
property and customer data), as well as&#8239;damage to our reputation with our customers and the market, failure to meet customer requirements,
customer dissatisfaction and/or&#8239;regulatory fines and penalties (including for inadequate protection of personal data and/or failure
to notify the competent authorities for such breach), damages and harm to the environment and people, or&#8239;other financial costs and
losses. In addition, given that cybersecurity threats continue to evolve, we will be required to devote additional resources in the future
to enhance our protective measures or to investigate and/or remediate any cybersecurity vulnerabilities.&#8239;Additionally, although
we periodically consider cyber insurance coverage options, we do not currently maintain cybersecurity insurance, and the insurance we
carry for&#8239;property damage and general liability may not be adequate or available to protect us from damages derived from cyberthreats
or coverage may be limited.&#8239;Moreover, any investigation of a cyberattack would take time before completion, during which we would
not necessarily know the extent of the actual or potential harm or how best to remediate it, and certain errors or actions could be repeated
or compounded before duly discovered and remediated (all or any of which could further increase the costs and consequences arising out
of such cyberattack).&#8239;In addition, failure to adequately and timely monitor and evaluate our hardware and software systems and applications
to prevent or manage technology obsolescence risks may result in increased costs, increased operational risk of service failure, loss
of technology competitiveness and reputation. Furthermore, in response to the increase in the number and sophistication of ransomware
attacks, U.S. and regulatory agencies have implemented regulations to prevent victims from making ransomware payments and to deter third
parties from facilitating or processing such payments to cyber actors, which would constrain our ability to deal with ransomware attacks,
should they occur.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">As of June 30, 2025, San Faustin beneficially owned 66.57% of the Company&rsquo;s issued share
capital, and 67.39% of the voting rights. San Faustin&rsquo;s share percentage ownership and voting rights increased following the cancellation
of the shares repurchased by the Company under its share buyback programs, approved at the extraordinary general meeting of shareholders,
held on April 30, 2024, and its extraordinary general meeting of shareholders held on May 6, 2025. The Company&rsquo;s controlling shareholder
may be able to take actions that do not reflect the will or best interests of other shareholders.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The following discussion and analysis should be read in conjunction with the audited consolidated
financial statements and the related notes included in our annual report for the year ended December 31, 2024, and is based on, and should
be read in conjunction with, the unaudited consolidated condensed interim financial statements for the six-month period ended June 30,
2025, included in this half-year report.</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production
cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained
relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with
the recent financing of Pemex, may start to recover some activity after its extended decline.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect
U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">For the second half, as anticipated in our last conference call, our sales will show a moderate
decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will
also be affected by the recent increase in tariff costs.</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: justify">(all amounts in thousands of U.S. dollars, unless otherwise stated)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><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>%</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Net sales</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">6,007,884</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">100.0</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,763,221</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">100.0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Cost of sales</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,934,494</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(65.5</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,277,666</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(63.2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Gross profit</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">2,073,390</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">34.5</TD><TD STYLE="background-color: rgb(242,242,242); 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">2,485,555</TD><TD STYLE="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">36.8</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(940,698</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(15.7</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,004,820</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14.9</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Other operating income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">16,105</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">0.3</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,485</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating expenses</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(16,150</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.3</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(182,847</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2.7</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Operating income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,132,647</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">18.9</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,323,373</TD><TD STYLE="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">19.6</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Finance income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">142,113</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2.4</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">125,173</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Finance cost</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(21,457</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(0.4</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(36,305</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.5</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other financial results, net</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(53,735</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.9</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(56,447</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.8</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,199,568</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">20.0</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,355,794</TD><TD STYLE="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">20.0</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in earnings (losses) of non-consolidated companies</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,686</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.8</TD><TD STYLE="background-color: rgb(242,242,242); 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">(34,340</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.5</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before income tax</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,246,254</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">20.7</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,321,454</TD><TD STYLE="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">19.5</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(186,684</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3.1</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(223,003</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3.3</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Income for the period</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,059,570</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">17.6</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,098,451</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">16.2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Attributable to:</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Shareholders' equity</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,038,254</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">17.3</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,072,166</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15.9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,316</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.4</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,285</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.4</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,059,570</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,098,451</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic">Thousands of U.S. dollars (except number of shares)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center">June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Current assets</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">9,156,898</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">9,236,180</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Property, plant and equipment, net</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">6,168,254</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,121,471</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other non-current assets</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,082,406</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,092,474</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">20,407,558</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">20,450,125</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Current liabilities</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,681,440</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,636,657</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current borrowings</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">4,361</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Deferred tax liabilities</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">472,640</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other non-current liabilities</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">454,458</TD><TD STYLE="background-color: rgb(242,242,242); 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">484,293</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total liabilities</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">3,612,899</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,636,290</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Capital and reserves attributable to shareholders' equity</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">16,583,542</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">211,117</TD><TD STYLE="background-color: rgb(242,242,242); 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">220,578</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Equity</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,794,659</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,813,835</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities and equity</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">20,407,558</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">20,450,125</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 15; Value: 3 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Half-year report 2025 - Interim management report</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Six-month period ended June 30, 2025, compared to six-month period ended June 30, 2024</B></P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes
of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following
the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While
net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Cash flow provided by operating activities amounted to $1.5 billion during the first half of
2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted
to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position
amounted to $3.7 billion at the end of June 2025.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic">Millions of U.S. dollars</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Increase / Decrease</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 35%; font-size: 10pt">Tubes</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">5,686</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">95</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">%</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">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,421</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">95</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(11</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Others</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">322</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">342</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">6,008</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">100</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6,763</TD><TD STYLE="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">100</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(11</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%)</TD></TR>
  </TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; font-style: italic">Thousands of tons</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Increase / Decrease</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 49%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Seamless</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 14%; font-size: 10pt; text-align: right">1,578</TD><TD STYLE="background-color: rgb(242,242,242); 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: 14%; font-size: 10pt; text-align: right">1,582</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Welded</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">390</TD><TD STYLE="background-color: rgb(242,242,242); 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">496</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,969</TD><TD STYLE="background-color: rgb(242,242,242); 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">2,078</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(5</TD><TD STYLE="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"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic">Millions of U.S. dollars</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Increase / Decrease</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Net sales</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 49%; font-size: 10pt; text-align: left">- North America</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 14%; font-size: 10pt; text-align: right">2,647</TD><TD STYLE="background-color: rgb(242,242,242); 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: 14%; font-size: 10pt; text-align: right">3,028</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">(13</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">- South America</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,083</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,216</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">- Europe</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">423</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">522</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(19</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">- Asia Pacific, Middle East and Africa</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,532</TD><TD STYLE="background-color: rgb(242,242,242); 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">1,656</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total net sales</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">5,686</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6,421</TD><TD STYLE="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">(11</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; font-style: italic; text-align: left">Services performed on third parties tubes ($ million)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">211</TD><TD STYLE="background-color: rgb(242,242,242); 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">294</TD><TD STYLE="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">(28</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Operating income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,068</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,219</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(12</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Operating income (% of sales)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">18.8</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 16; Value: 3 -->
    <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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Half-year report 2025 - Interim management report</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><I>Net sales of tubular products and services </I>decreased 11% to $5,686 million in the first
half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling
prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and
Canada and 7% internationally compared to the first half of 2024.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><I>Operating results from tubular products and services</I> amounted to a gain of $1,068 million
in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating
income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain
from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average
selling prices and the corresponding impact on margins.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic">Millions of U.S. dollars</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Increase / Decrease</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 49%; font-size: 10pt; text-align: left">Net sales</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 14%; font-size: 10pt; text-align: right">322</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&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">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">342</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">(6</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">65</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">78</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(17</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Operating income (% of sales)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">20.2</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">%</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><I>Net sales of other products and services</I> decreased 6% to $322 million in the first half
of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing
and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Operating results from other products and services </I>amounted to a
gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived
from our oilfield services business in Argentina and from the sale of sucker rods.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Selling, general and administrative expenses, or SG&amp;A, </B>declined from $1,005 million
in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline
in SG&amp;A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Other operating results </B>amounted to a loss of $50 thousand in the first half of 2025,
compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision
for ongoing litigation related to the acquisition of a participation in Usiminas.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Financial results </B>amounted to a gain of $67 million in the first half of 2025, compared
to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger
net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In
the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine
bond previously recognized in other comprehensive income.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Equity in earnings (losses) of non-consolidated companies </B>generated a gain of $47 million
in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity
investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision
for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Income tax </B>amounted to a charge of $187 million in the first half of 2025, compared to
$223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 3 -->
    <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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Half-year report 2025 - Interim management report</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">equivalents position for the periods indicated below:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic">Millions of U.S. dollars</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Net cash provided by operating activities</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">1,494</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,822</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net cash used in investing activities</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(351</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,298</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net cash used in financing activities</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,230</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,272</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Decrease in cash and cash equivalents</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(87</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(748</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Cash and cash equivalents at the beginning of the period</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">661</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,617</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Effect of exchange rate changes</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(3</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(20</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Decrease in cash and cash equivalents</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(87</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(748</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Cash and cash equivalents at period end (net of overdrafts)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">571</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">849</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Cash and cash equivalents at period end (net of overdrafts)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">571</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">849</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Bank overdrafts</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Other current investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,483</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,452</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,003</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,121</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Current Borrowings</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(320</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(560</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current borrowings</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(4</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(21</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivatives hedging borrowings and investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,729</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,843</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion
(including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction
in working capital of $276 million) in the first half of 2024.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million
in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half
of 2024.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Following a dividend payment of $600 million in May 2025 and share buybacks
of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 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"></P>

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    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">On May 6, 2025, the Company&rsquo;s annual general meeting of shareholders approved all resolutions
on its agenda.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Among other resolutions adopted at the annual general meeting, shareholders acknowledged the
Company&rsquo;s consolidated annual report for the year ended December 31, 2024, which includes the consolidated management report containing
the financial and non-financial information required by applicable law, and the related management certifications and external auditors&rsquo;
reports on the 2024 consolidated financial statements, annual accounts and sustainability statement. The shareholders also approved the
consolidated financial statements as of and for the year ended December 31, 2024, and the annual accounts as of December 31, 2024.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The shareholders also approved an annual dividend of $0.83 per share (or $1.66 per ADS), which
represents an aggregate sum of approximately $0.9 billion, and which includes the interim dividend of $0.27 per share ($0.54 per ADS),
or approximately $0.3 billion, paid in November 2024. Tenaris paid the balance of the annual dividend in the amount of $0.56 per share
entitled to dividends (or $1.12 per ADS), in U.S. dollars, which represents approximately US$0.6 billion, on May 21, 2025; with a record
date of May 20, 2025, and an ex-dividend date of May 19, 2025, for securities listed in Europe and Mexico and an ex-dividend of May 20,
2025 for securities listed in the United States.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The annual meeting resolved to maintain the number of directors at eleven and to re-appoint
Mr. Simon Ayat, Mr. Roberto Bonatti, Mr. Carlos Condorelli, Mr. Germ&aacute;n Cur&aacute;, Ms. Molly Montgomery, Ms. Maria Novales-Flamarique,
Mr. Gianfelice Mario Rocca, Mr. Paolo Rocca, Mr. Jaime Serra Puche, Ms. Monica Tiuba and Mr. Guillermo Vogel to the Board of Directors.
All board members will hold office until the meeting that will be convened to decide on the 2025 annual accounts. In a subsequent meeting,
the board of directors re-elected Mr. Simon Ayat, Mr. Jaime Serra Puche and Ms. Monica Tiuba as audit committee members, with Ms. Tiuba
continuing to serve as the committee&rsquo;s chair. All members of the audit committee qualify as independent directors for purposes of
the U.S. Securities Exchange Act Rule 10A-3(b)(1) and under the Company&rsquo;s articles of association.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">In addition, the annual general meeting approved the compensation payable to the members of
the Board for the year ending December 31, 2025, and the Compensation Report for the year 2024. The shareholders appointed Forvis Mazars,
<I>Cabinet de r&eacute;vision agre&eacute;</I>, as the Company&rsquo;s statutory auditor for the fiscal year ending December 31, 2025,
and approved their corresponding fees for audit and audit-related services.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Finally, the annual meeting renewed the authorization to purchase, acquire or receive, from
time to time, Company shares, including shares represented by ADRs, on such terms and conditions as may be approved by the board of directors
within the limit of the shareholders&rsquo; authorization.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The extraordinary general meeting of shareholders held immediately after the annual general
meeting, also approved all resolutions on its agenda. The extraordinary meeting resolved to approve the cancellation of 90,762,598 ordinary
shares held in treasury by the Company acquired throughout the share buyback programs and resolved to approve the corresponding reduction
of the issued share capital. As a result, effective May 6, 2025, the share capital of the Company was reduced from $1,162,757,528 (represented
by 1,162,757,528 shares with a par value of $1 per share) to $1,071,994,930 (represented by 1,071,994,930 shares with a par value of $1
per share). In addition, the extraordinary general meeting of shareholders resolved to renew the validity period of the authorized unissued
share capital, and granted related authorizations and waivers, including to suppress or limit pre-emptive subscription rights by the existing
shareholders. The extraordinary meeting also approved the corresponding amendments to article 5 of the articles of association to reflect
the adopted resolutions.</P>

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

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

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

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

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    <!-- Field: /Page -->

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">For purposes of carrying out each tranche of the first share buyback program, the Company entered
into non-discretionary buyback agreements with primary financial institutions that made trading decisions concerning the timing of the
purchases of the Company&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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">During the first share buyback program, which was divided into four tranches and ran from November
5, 2023, to (and including) August 2, 2024, the Company repurchased 71,679,768 ordinary shares, representing 6.07% of the Company&rsquo;s
issued share capital as measured at the beginning of the first program, for a total consideration of approximately $1.2 billion (excluding
incidental transaction fees).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The shares acquired during the first tranche of the first share buyback program were cancelled
at the extraordinary shareholders meeting held on April 30, 2024, and the remaining shares acquired during the second, third and fourth
tranches of the first share buyback program were cancelled at the extraordinary shareholders meeting held on May 6, 2025, as further described
below.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">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 could be repurchased by the Company at the time, with the intention to cancel the ordinary
shares acquired through the program. The second 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">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">During the second share buyback program, which ran from November 11, 2024, to (and including)
March 4, 2025, 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 share buyback program, for a total consideration of approximately $700 million (excluding incidental transaction
fees).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">On May 6, 2025, the extraordinary shareholders meeting approved the cancellation of 90,762,598
ordinary shares held in treasury by the Company, which had been acquired during the second, third and fourth tranches of the first share
buyback program and second share buyback program, and resolved to approve the corresponding reduction of the issued share capital of the
Company and the amendment of the first paragraph of article 5 of the Company&rsquo;s articles of association. As a result, effective May
6, 2025, the share capital of the Company was reduced from $1,162,757,528 (represented by 1,162,757,528 shares with a par value of $1
per share) to $1,071,994,930 (represented by 1,071,994,930 shares with a par value of $1 per share).</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The Company&rsquo;s ordinary shareholders meeting held on May 6, 2025, renewed the authorization
to purchase, acquire or receive, from time to time, Company shares, including shares represented by ADRs, on such terms and conditions
as may be approved by the board of directors up to a maximum of 10% of the Company&rsquo;s shares.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt">On May 27, 2025, the Company&rsquo;s board of directors approved a third share buyback program
of up to $1.2 billion (excluding incidental transaction fees), to be executed within a year, with the intention to cancel the ordinary
shares acquired through the program. The third share buyback program is carried out under the authority granted by the annual general
meeting of shareholders held on May 6, 2025, up to a maximum of 10% of the Company&rsquo;s shares.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">The third share buyback program is divided into tranches. The first tranche of the program will
cover up to $600 million (excluding incidental transaction fees) and will run from June 9, 2025, to (and including) December 8, 2025.
Ordinary shares purchased under the third share buyback program will be cancelled in due course. For purposes of carrying out each tranche
of the third share buyback program, the Company entered into a non-discretionary buyback agreement with a primary financial institution,
which makes trading decisions concerning the timing of the purchases of the Company&rsquo;s shares independently of and uninfluenced by
Tenaris and acts 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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">During the six-month period ended June 30, 2025, the Company purchased 12,277,261 shares, for
approximately $235 million under the second share buyback program and purchased 13,094,268 shares, for approximately $237 million under
the third share buyback program.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">During the six-month period ended June 30, 2024, the Company purchased 48,873,790 shares, for
approximately $831 million (out of which approximately $803 million were paid).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">As of June 30, 2025, the Company held in treasury the 13,094,268 ordinary shares repurchased
under the third share buyback program. The Company intends to cancel all treasury shares purchased under the third share buyback program
in due course.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">As of June 30, 2025, and December 31, 2024, the Company held a liability in connection to the
treasury shares to be settled under the corresponding share buyback programs, which amounted to $363.3 million and $243.3 million, respectively,
valued at fair value.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Further information on the share buyback programs and share repurchases thereunder is available
on Tenaris&rsquo;s corporate website under the Share Buyback Program Section.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>the unaudited consolidated condensed interim financial statements prepared in accordance with IAS 34, &ldquo;Interim Financial Reporting&rdquo;
as issued by the International Accounting Standards Board and as adopted by the European Union included in this half year report give
a true and fair view of the assets, liabilities, financial position and profit or loss of Tenaris S.A. and its consolidated subsidiaries,
taken as a whole; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>the interim management report included in this half year report includes a fair review of the important events that have occurred
during the six-month period ended June 30, 2025, and their impact on the unaudited consolidated condensed interim financial statements
for such period, material related party transactions and a description of the principal risks and uncertainties they face.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><U>s/ Carlos G&oacute;mez &Aacute;lzaga</U></P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Carlos G&oacute;mez Alzaga</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">July 30, 2025</P>

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><A NAME="a_012" TITLE="22"></A>&nbsp;</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></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-indent: 254.5pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 254.5pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 42.75pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; color: #009900; font-size: 10pt; text-align: justify"><B><A NAME="a_010"></A>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="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">Notes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 38%; font-size: 10pt; text-align: justify">Net sales</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">3</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">3,085,672</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,321,677</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">6,007,884</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,763,221</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Cost of sales</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">4</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,013,639</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,143,614</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,934,494</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,277,666</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Gross profit</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,072,033</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,178,063</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">2,073,390</TD><TD STYLE="background-color: rgb(242,242,242); 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">2,485,555</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Selling, general and administrative expenses</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">5</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(483,633</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(496,688</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(940,698</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,004,820</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Other operating income</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">4,317</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,461</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">16,105</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,485</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating expenses</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(9,983</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(179,127</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(16,150</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(182,847</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Operating income</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">582,734</TD><TD STYLE="background-color: rgb(242,242,242); 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">511,709</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,132,647</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,323,373</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance income</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">63,669</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68,884</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">142,113</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">125,173</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance cost</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(9,712</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(15,722</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(21,457</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(36,305</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other financial results, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(22,294</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(53,735</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(56,447</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">614,397</TD><TD STYLE="background-color: rgb(242,242,242); 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">568,892</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,199,568</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,355,794</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in earnings (losses) of non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">8</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">32,651</TD><TD STYLE="background-color: rgb(242,242,242); 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">(82,519</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,686</TD><TD STYLE="background-color: rgb(242,242,242); 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">(34,340</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before income tax</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">647,048</TD><TD STYLE="background-color: rgb(242,242,242); 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">486,373</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,246,254</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,321,454</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Income tax</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">9</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(105,342</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(138,147</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(186,684</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(223,003</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Income for the period</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">541,706</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">348,226</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,059,570</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,098,451</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Attributable to:</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Shareholders' equity</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">531,323</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">335,186</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,038,254</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,072,166</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Non-controlling interests</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,383</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,040</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,316</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,285</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">541,706</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">348,226</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,059,570</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,098,451</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,068,721</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,138,138</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,072,974</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,148,838</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Basic and diluted earnings per share (U.S. dollars per share)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">0.50</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.29</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">0.97</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.93</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">0.99</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.59</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1.94</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.87</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> Number of outstanding shares
as of June 30, 2025, and 2024, were 1,058,900,662 and 1,119,014,949, 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"><FONT STYLE="font-size: 8pt">&nbsp;</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"></P>

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

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

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

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

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

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</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 48%; font-size: 10pt; font-weight: bold; text-align: left">Income for the period</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; font-weight: bold; text-align: right">541,706</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">348,226</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,059,570</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,098,451</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Items that may be subsequently reclassified to profit or loss:</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Currency translation adjustment</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">90,003</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,797</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">134,752</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(37,808</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Change in value of cash flow hedges and instruments at fair value</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(17,069</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,511</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(37,664</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">158,719</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax relating to components of other comprehensive income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">5,782</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">21,805</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">From participation in non-consolidated companies:</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;- Currency translation adjustment</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">9,948</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(21,199</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">23,530</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(27,674</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;- Changes in the value of cash flow hedges and instruments at fair value, net of income tax</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(434</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,338</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,550</TD><TD STYLE="background-color: rgb(242,242,242); 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">42,158</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">88,230</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">32,853</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">144,973</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">159,986</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Items that will not be reclassified to profit or loss:</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Remeasurements of post-employment benefit obligations</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">380</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,874</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">367</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,892</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax on items that will not be reclassified</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">129</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,235</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">129</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,694</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">128</TD><TD STYLE="background-color: rgb(242,242,242); 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">(324</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26</TD><TD STYLE="background-color: rgb(242,242,242); 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">(681</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">637</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(4,963</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">522</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(4,879</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Other comprehensive income for the period</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">88,867</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">27,890</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">145,495</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">155,107</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total comprehensive income for the period</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">630,573</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">376,116</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,205,065</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,253,558</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Attributable to:</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Shareholders' equity</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">619,176</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">363,244</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,182,252</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,227,707</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,397</TD><TD STYLE="background-color: rgb(242,242,242); 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">12,872</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">22,813</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,851</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">630,573</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">376,116</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,205,065</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,253,558</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">These Consolidated Condensed Interim Financial
Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December
31, 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: 26; Value: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30, 2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">Notes</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">ASSETS</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current assets</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 38%; font-size: 10pt; text-align: left; text-indent: 9pt">Property, plant and equipment, net</TD>
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">11</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">6,168,254</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,121,471</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Intangible assets, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">12</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,362,262</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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; text-align: center">13</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">147,197</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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; text-align: center">17</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,575,101</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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; text-align: center">14</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,009,677</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Deferred tax assets</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">835,954</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Receivables, net</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">152,215</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">11,250,660</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,213,945</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current assets</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Inventories, net</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">3,486,537</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Receivables and prepayments, net</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">244,958</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Current tax assets</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">415,626</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Contract assets</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">60,182</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Trade receivables, net</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,892,116</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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; text-align: center">15</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,676</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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; text-align: center">14</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,482,514</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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; text-align: center">14</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">572,289</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">9,156,898</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,236,180</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total assets</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">20,407,558</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EQUITY</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Shareholders' equity</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">16,583,542</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Non-controlling interests</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">211,117</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">16,794,659</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">LIABILITIES</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current liabilities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Borrowings</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">4,361</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Lease liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">94,170</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments <FONT STYLE="color: white">NCL</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">15</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,552</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Deferred tax liabilities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">472,640</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Other liabilities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">296,990</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: 9pt">Provisions</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">61,746</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">931,459</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">999,633</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current liabilities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Borrowings</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">319,919</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Lease liabilities</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">13</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">53,917</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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; text-align: center">15</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">9,254</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Current tax liabilities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">298,803</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Other liabilities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">792,982</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Provisions</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">156,387</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Customer advances</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">139,751</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 9pt">Trade payables</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">910,427</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,681,440</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,636,657</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,612,899</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity and liabilities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">20,407,558</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><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: 27; Value: 23 -->
    <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 -->25<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="29" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Shareholders' equity</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Share <BR>
Capital <SUP>(1)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Treasury<BR>
 Shares <SUP>(2)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Legal<BR>
 Reserves</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Share<BR>
 Premium</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Currency<BR>
 Translation<BR>
 Adjustment</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Other<BR>
 Reserves <SUP>(4)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Retained<BR>
 Earnings <SUP>(5)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Non-<BR>
controlling<BR>
 interests</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(Unaudited)</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; width: 10%; font-size: 8pt; font-weight: bold; text-align: left">Balance at December 31, 2024</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">1,162,758</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">(1,355,651</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">116,276</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">609,733</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">(1,110,803</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">(570,986</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">17,741,930</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">16,593,257</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">220,578</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 6%; font-size: 8pt; font-weight: bold; text-align: right">16,813,835</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Income for the period</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,038,254</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,038,254</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">21,316</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,059,570</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -0.15pt; padding-left: 11.7pt">Currency translation adjustment</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">133,275</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">133,275</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">1,477</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">134,752</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -0.15pt; padding-left: 11.7pt">Remeasurements of post-employment benefit obligations, net of taxes</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">476</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">476</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">20</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">496</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -0.15pt; padding-left: 11.7pt">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">(15,859</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">(15,859</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">(15,859</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: -0.15pt; padding-left: 11.7pt">Other comprehensive income of non-consolidated companies</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">23,530</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,576</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">26,106</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">26,106</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Other comprehensive income (loss) for the period</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">156,805</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(12,807</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">143,998</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,497</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">145,495</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Total comprehensive income (loss) for the period</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">156,805</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">(12,807</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">1,038,254</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">1,182,252</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">22,813</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">1,205,065</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: 8pt">Transfer from other comprehensive income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">(565</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">565</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 8pt; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Repurchase of own shares <SUP>(2)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">(471,678</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">(471,678</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">(471,678</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Cancellation of own shares <SUP>(3)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">(90,763</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">1,590,585</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">(9,077</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">(609,733</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">(881,012</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: 8pt">Changes in share buyback program liability</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">(119,972</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">(119,972</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">(119,972</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 8pt; text-align: left; text-indent: 8pt">Acquisition and other changes in non-controlling interests</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: right">(780</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: right">(780</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; text-indent: 8pt">Distribution of dividends</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(600,317</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(600,317</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(31,494</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(631,811</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance at June 30, 2025</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,071,995</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(236,744</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">107,199</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(953,998</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(704,330</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">17,299,420</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">16,583,542</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">211,117</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">16,794,659</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 8pt; 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></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP> The Company has an authorized
share capital of a single class of 2.5 billion shares having a nominal value of USD1.00 per share. As of June 30, 2025, there were <FONT STYLE="color: black">1,071,994,930</FONT>
shares issued. All issued shares are fully paid.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP> As of June 30, 2025, the Company
held <FONT STYLE="color: black">13,094,268</FONT> treasury shares, and there were <FONT STYLE="color: black">1,058,900,662</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>On May 6, 2025, the extraordinary
general meeting of shareholders approved the cancelation of 90,762,598 ordinary shares held in treasury by the Company and the corresponding
reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally reduced.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(4)</SUP> Other reserves include mainly
the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment
benefit obligations, the changes in value of cash flow hedges and 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>(5)</SUP> The restrictions to the distribution
of profits and payment of dividends according to Luxembourg Law are disclosed in note <FONT STYLE="color: black">18</FONT>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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: 28; Value: 23 -->
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="29" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Shareholders'
                                            equity</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><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; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B>Treasury</B></FONT></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B>Shares
                                            <SUP>(2)</SUP></B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Legal<BR>
                                            Reserves</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Share<BR>
                                            Premium</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Currency<BR>
                                            Translation<BR>
                                            Adjustment</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Other<BR>
                                            Reserves <SUP>(4)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Retained<BR>
                                            Earnings <SUP>(5)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Non-<BR>
                                            controlling<BR>
                                            interests</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; 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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total
                                            </B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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 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">&nbsp;</FONT></TD><TD STYLE="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">&nbsp;</FONT></TD><TD STYLE="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">&nbsp;</FONT></TD><TD STYLE="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">&nbsp;</FONT></TD><TD STYLE="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">&nbsp;</FONT></TD><TD STYLE="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">&nbsp;</FONT></TD><TD STYLE="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">&nbsp;</FONT></TD><TD STYLE="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">&nbsp;</FONT></TD><TD STYLE="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">&nbsp;</FONT></TD><TD STYLE="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: center"><FONT STYLE="font-size: 8pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; width: 10%; font-size: 10pt; font-weight: bold; text-align: left"><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="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="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="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="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="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="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="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="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="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="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; background-color: transparent">
    <TD STYLE="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="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; 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; 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; 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; 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; 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; 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">1,072,166</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="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">1,072,166</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="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">26,285</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="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">1,098,451</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 10.7pt"><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="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="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="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="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">(37,374</FONT></TD><TD STYLE="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="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="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">(37,374</FONT></TD><TD STYLE="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">(434</FONT></TD><TD STYLE="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">(37,808</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 10.7pt"><FONT STYLE="font-size: 8pt">Remeasurements of post-employment
    benefit obligations, net of taxes</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="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="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="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="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="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">(4,198</FONT></TD><TD STYLE="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="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">(4,198</FONT></TD><TD STYLE="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="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">(4,198</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 10.7pt"><FONT STYLE="font-size: 8pt">Change in value of instruments at
    fair value through other comprehensive income and cash flow hedges, net of taxes <SUP>(6)</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="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="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="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="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="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">183,310</FONT></TD><TD STYLE="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="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">183,310</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 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="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">183,310</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10.7pt"><FONT STYLE="font-size: 8pt">Other comprehensive
    income of non-consolidated companies</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; 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; 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; 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; 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">(27,674</FONT></TD><TD STYLE="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">41,477</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="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; 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">13,803</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="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; 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">13,803</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="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="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; 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; 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; 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; 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">(65,048</FONT></TD><TD STYLE="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">220,589</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="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; 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">155,541</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="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">(434</FONT></TD><TD STYLE="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">155,107</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="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="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="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="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="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="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">(65,048</FONT></TD><TD STYLE="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">220,589</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"><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">1,072,166</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"><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">1,227,707</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"><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">25,851</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"><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">1,253,558</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 8pt"><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="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">(830,755</FONT></TD><TD STYLE="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="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="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="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="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="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">(830,755</FONT></TD><TD STYLE="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="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">(830,755</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Cancellation of own shares <SUP>(3)</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">(17,779</FONT></TD><TD STYLE="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">299,931</FONT></TD><TD STYLE="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">(1,778</FONT></TD><TD STYLE="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="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="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="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">(280,374</FONT></TD><TD STYLE="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">-</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 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="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">-</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; text-indent: 8pt"><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="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="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="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="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="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">(73,238</FONT></TD><TD STYLE="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="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">(73,238</FONT></TD><TD STYLE="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="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">(73,238</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; text-indent: 8pt"><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="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="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="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="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="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="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="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="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">-</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 STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,115</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,115</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: 8pt"><FONT STYLE="font-size: 8pt">Distribution of dividends</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; 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; 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; 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; 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; 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; 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">(458,556</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(458,556</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(5,862</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(464,418</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Balance at
    June 30, 2024</FONT></TD><TD STYLE="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">1,162,758</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="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">(744,563</FONT></TD><TD STYLE="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">116,276</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="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; 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">(1,055,219</FONT></TD><TD STYLE="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">(456,627</FONT></TD><TD STYLE="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">17,075,772</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="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">16,708,130</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="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">208,569</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="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">16,916,699</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></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP> The Company had an authorized
share capital of a single class of 2.5 billion shares having a nominal value of USD1.00 per share. As of June 30, 2024, there were <FONT STYLE="color: black">1,162,757,528</FONT>
shares issued. All issued shares are fully paid.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP> As of June 30, 2024, the Company
held <FONT STYLE="color: black">43,742,579</FONT> treasury shares, and there were <FONT STYLE="color: black">1,119,014,949</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> On April 30, 2024, the extraordinary
general meeting of shareholders approved the cancelation of 17,779,302 ordinary shares held in treasury by the Company and the corresponding
reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally reduced.</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> Other reserves include mainly
the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment
benefit obligations, the changes in value of cash flow hedges and 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>(5)</SUP> The restrictions to the distribution
of profits and payment of dividends according to Luxembourg Law are disclosed in note <FONT STYLE="color: black">18</FONT>.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(6) </SUP>Mainly related to the change
in the fair value of U.S. dollar-denominated Argentine bonds.</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"></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">&nbsp;</FONT></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: 29; Value: 23 -->
    <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 -->27<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">Notes</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from operating activities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; font-size: 10pt; font-weight: bold; text-align: justify">Income for the period</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,059,570</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,098,451</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Adjustments for:</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>11, 12 &amp; 13</B></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">296,408</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">313,951</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Bargain purchase gain</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,211</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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; text-align: center"><FONT STYLE="font-size: 10pt"><B>6 &amp; 18</B></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">18,527</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">170,610</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Income tax accruals less payments</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">21</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(90,793</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(113,562</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Equity in earnings (losses) of non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">8</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(46,686</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34,340</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Interest accruals less payments, net</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">21</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(13,039</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,635</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in provisions</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(1,765</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,732</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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; text-align: center">21</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">250,316</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">275,518</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Others, including net foreign exchange</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,609</TD><TD STYLE="background-color: rgb(242,242,242); 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">52,448</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,494,147</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,822,178</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from investing activities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Capital expenditures</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>11 &amp; 12</B></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(309,292</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(333,415</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in advances to suppliers of property, plant and equipment</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(5,853</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,515</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cash decrease due to deconsolidation of subsidiaries <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(1,848</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Acquisition of subsidiaries, net of cash acquired <SUP>(***)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,946</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Loan to joint ventures</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">17</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(1,359</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,745</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">57,729</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,135</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends received from non-consolidated companies</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">17</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">41,348</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">53,136</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Changes in investments in securities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(131,337</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,036,752</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(350,612</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,298,210</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from financing activities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Dividends paid</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">10</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(600,317</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(458,556</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid to non-controlling interest in subsidiaries</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(27,264</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Changes in non-controlling interests</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,115</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Acquisition of treasury shares</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">23</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(473,932</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(803,386</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Payments of lease liabilities</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(30,047</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(33,382</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from borrowings</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">476,443</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,195,096</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Repayments of borrowings</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(574,956</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,172,599</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,230,073</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,271,712</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); 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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Decrease in cash and cash equivalents</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(86,538</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(747,744</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Movement in cash and cash equivalents</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">At the beginning of the period</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">660,798</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Effect of exchange rate changes</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(2,768</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(20,158</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Decrease in cash and cash equivalents</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(86,538</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(747,744</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At June 30,</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">571,492</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">848,695</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>At June 30, </B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Cash and cash equivalents</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center">2025</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Cash and bank deposits</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">572,289</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">850,236</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Bank overdrafts</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(797</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,541</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">571,492</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">848,695</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0pt 0; color: #009900; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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">36.7</FONT> million for the six-month period ended June 30, 2025 and
$<FONT STYLE="color: black">(11.1)</FONT> million for the six-month period ended June 30, 2024.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(**) </SUP>For the six-month period
ended June 30, 2025, related to the deconsolidation of Amaja Tubular Services Limited.</FONT></P>

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

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

<!-- Field: Page; Sequence: 30; Value: 23 -->
    <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 -->28<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 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 Programs</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 and other imports in the United States</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>1</B></TD><TD STYLE="text-align: justify"><B>General information </B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris S.A. (the &quot;Company&quot;) was established as a public limited
liability company (<I>soci&eacute;t&eacute; anonyme</I>) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company
holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses.
References in these Consolidated Condensed Interim Financial Statements to &ldquo;Tenaris&rdquo; refer to Tenaris S.A. and its consolidated
subsidiaries. A list of the 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 July 30, 2025.</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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2</B></TD><TD STYLE="text-align: justify"><B>Accounting policies and basis of presentation</B></TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #17365D"><B>3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Segment information</B></FONT></TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Six-month period ended June 30, 2025 - (Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tubes</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 61%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,055</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">68</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,123</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Difference in cost of sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">17</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(5</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses) and others</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,133</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Financial income (expense), net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">67</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,200</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">47</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,246</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Net Sales</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">5,686</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">322</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">6,008</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">287</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">9</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">296</TD><TD STYLE="background-color: rgb(242,242,242); 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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Six-month period ended June 30, 2024 - (Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tubes</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 61%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,267</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">79</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,346</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(23</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses) and others</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="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="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">2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,323</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,356</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in (losses) 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="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="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">(34</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,321</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Net Sales</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">6,421</TD><TD STYLE="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">342</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">6,763</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">305</TD><TD STYLE="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">9</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">314</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Following the integration of coating activities into its Tubes segment,
the Company represented&nbsp;comparative year-to-date segment information amounts accordingly.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I></I></B></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="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">North America</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">2,725,465</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,091,084</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">South America</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,255,208</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,404,070</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Europe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">473,972</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">589,273</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Asia Pacific, Middle East and Africa</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,553,239</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,678,794</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">6,007,884</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">6,763,221</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<!-- Field: Page; Sequence: 33; Value: 23 -->
    <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 -->31<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 six-month period ended June 30, 2025, and 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="color: black">Revenue is mainly recognized at a point in time
to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance
of the product by the customer. </FONT>In the six-month period ended June 30, 2025, and 2024, r<FONT STYLE="color: black">evenues related
to governmental institutions represented approximately 26% 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"><I>(All amounts in millions of U.S. dollars)</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Revenues Tubes</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Oil &amp; Gas</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">5,090</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,762</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Oil &amp; Gas processing plants</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">273</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">308</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Industrial, Power and Others</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">323</TD><TD STYLE="background-color: rgb(242,242,242); 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">351</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,686</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">6,421</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The table above includes revenues from services performed on third party
tubes of $<FONT STYLE="color: black">210.8</FONT> million and $<FONT STYLE="color: black">293.8</FONT> million for the six-month period
ended June 30, 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"></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"><FONT STYLE="color: #17365D"><B>4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Cost of sales</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; font-weight: bold; text-align: justify">Inventories at the beginning of the period</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; font-weight: bold; text-align: right">3,709,942</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">3,921,097</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes in inventories due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); 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">(3,584</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Decrease in inventory due to deconsolidation of subsidiaries <SUP>(**)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(43</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Plus: Charges of the period</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Raw materials, energy, consumables and other</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,147,144</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,512,092</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Services and fees</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">142,809</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">245,658</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Labor cost</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">699,194</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">760,512</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">227,573</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">237,633</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization of intangible assets</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">6,639</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,753</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">18,166</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,521</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Maintenance expenses</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">180,139</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">214,317</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Allowance for obsolescence</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">25,348</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,520</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Taxes</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">131,956</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">74,209</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">132,164</TD><TD STYLE="background-color: rgb(242,242,242); 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">115,561</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">3,711,089</TD><TD STYLE="background-color: rgb(242,242,242); 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">4,191,192</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,486,537</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,834,623</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,934,494</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,277,666</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(**) </SUP>For the six-month period
ended June 30, 2025, related to the deconsolidation of Amaja Tubular Services Limited.</FONT></P>

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

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

<!-- Field: Page; Sequence: 34; Value: 23 -->
    <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 -->32<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #17365D"><B>5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Selling, general and administrative expenses</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">Services and fees</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">94,908</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">91,329</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Labor cost</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">343,847</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">363,074</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">12,528</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,199</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization of intangible assets</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">19,043</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,529</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">12,459</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,316</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Freights and other selling expenses</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">332,417</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">335,958</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Provisions for contingencies</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">5,952</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,965</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Allowances for doubtful accounts</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">11,083</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,061</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Taxes</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">61,753</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">82,055</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,708</TD><TD STYLE="background-color: rgb(242,242,242); 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">60,456</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">940,698</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,004,820</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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"><FONT STYLE="color: #17365D"><B>6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Other operating income (expense), net</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Other operating income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Results from sundry assets</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">4,700</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,600</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Net rents</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,136</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,341</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Bargain purchase gain</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,211</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,269</TD><TD STYLE="background-color: rgb(242,242,242); 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">15,333</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">16,105</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">25,485</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Other operating expenses</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Contributions to welfare projects and non-profit organizations</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(9,593</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,677</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Allowance for doubtful receivables</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(222</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(560</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,335</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(170,610</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(16,150</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(182,847</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Other operating income and expenses, net</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(45</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(157,362</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Bargain purchase gain: </I>For the six-month period ended June 30, 2024,
related to Mattr&rsquo;s pipe coating business unit acquisition.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>Other operating expenses</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"><I>Provision for the ongoing litigation related to the acquisition of participation
in Usiminas:</I> For the six-month period ended June 30, 2025 and 2024, 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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 35; Value: 23 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #17365D"><B>7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Financial results</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">129,757</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">123,181</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,356</TD><TD STYLE="background-color: rgb(242,242,242); 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">1,992</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Finance income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">142,113</TD><TD STYLE="background-color: rgb(242,242,242); 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">125,173</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Finance cost</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">(21,457</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(36,305</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange transactions results</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(30,984</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,709</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange derivatives contracts results</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(6,671</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,131</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;Other</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(16,080</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(75,025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Other financial results, net</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(53,735</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(56,447</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net financial results</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">66,921</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">32,421</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Finance income:</I> For the six-month period ended June 30, 2025, includes
$16.0 million of interest related to instruments carried at FVTPL and includes $47.4 million of interest related to instruments carried
at FVTOCI.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Net foreign exchange transaction results: </I>For the six-month period
ended June 30, 2025, mainly related to the Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities partially
offset by currency translation adjustment reserve.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For the six-month period ended June 30, 2024, mainly related to the Argentine
Peso depreciation against the U.S. dollar on Argentine Peso denominated liabilities.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Other: </I>For the six-month period ended June 30, 2025, includes a
loss of approximately $15.8 million related to fees paid in connection with a collection of $242.4 million involving Petr&oacute;leos
Mexicanos (&ldquo;Pemex&rdquo;) and the Company&rsquo;s Mexican subsidiary Tubos de Acero de Mexico S.A. (&ldquo;Tamsa&rdquo;).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">For the six-month period ended June 30, 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="margin: 0pt 0; color: #003366; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #17365D"><B>8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Equity in earnings of non-consolidated companies</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; padding-bottom: 1pt">From non-consolidated companies</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,686</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(34,340</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">46,686</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(34,340</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>From non-consolidated companies: </I>For the six-month period ended
June 30, 2025, and 2024, includes a loss of $9.0 million and $82.6 million related to a provision for the ongoing litigation related to
the acquisition of participation in Usiminas related to our investment in Ternium.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #17365D"><B>9</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Income tax</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Current tax</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">(221,455</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(389,392</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,771</TD><TD STYLE="background-color: rgb(242,242,242); 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">166,389</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(186,684</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(223,003</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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 six-month period ended June 30,
2025 and 2024, Tenaris recognized an estimated current tax expense related to Pillar Two, amounting to $<FONT STYLE="color: black">11.3</FONT>
million and $<FONT STYLE="color: black">34.7</FONT> million, respectively.<BR STYLE="clear: both">
</P>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 36; Value: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #17365D"><B>10</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Dividend distribution </B></FONT></TD></TR></TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On <FONT STYLE="color: black">May 6, 2025</FONT>, the Company&rsquo;s shareholders
approved an annual dividend in the amount of $<FONT STYLE="color: black">0.83</FONT> per outstanding share ($<FONT STYLE="color: black">1.66</FONT>
per ADS). The amount approved by the shareholders included the interim dividend previously paid on <FONT STYLE="color: black">November
20, 2024</FONT>, in the amount of $<FONT STYLE="color: black">0.27</FONT> per outstanding share ($<FONT STYLE="color: black">0.54</FONT>
per ADS). The balance, amounting to $<FONT STYLE="color: black">0.56</FONT> per outstanding share ($<FONT STYLE="color: black">1.12</FONT>
per ADS), was paid on <FONT STYLE="color: black">May 21, 2025</FONT>, for an amount of approximately $0.6 billion. In the aggregate, the
interim dividend paid in November 2024 and the balance paid in May 2025 amounted to approximately $0.9 billion.</P>

<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 $0.5 billion. In the aggregate, the
interim dividend paid in November 2023 and the balance paid in May 2024 amounted to approximately $0.7 billion.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #17365D"><B>11</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Property, plant and equipment, net</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Six-month period ended June 30,</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">Opening net book amount</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">6,121,471</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,078,179</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Currency translation adjustment</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">70,647</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(17,787</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,463</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Additions</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">279,044</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">305,312</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Disposals / Consumptions <SUP>(**)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(63,486</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8,926</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Transfers / Reclassifications</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,053</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,129</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Decrease due to deconsolidation <SUP>(***)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(374</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation charge</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(240,101</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(249,832</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At June 30,</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">6,168,254</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">6,092,354</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(**)</SUP> For the six-month period
ended June 30, 2025, includes the unwinding of certain land plots in Saudi Arabia. For more information see note <FONT STYLE="color: black">19</FONT>.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(***)</SUP> For the six-month period
ended June 30, 2025, related to the deconsolidation of Amaja Tubular Services Limited.</FONT></P>

<P STYLE="margin: 0pt 0; color: #212121; font-size: 10pt; text-align: justify">&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">31.0</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">In addition, as of June 30, 2025, the carrying amount of assets pledged
as security for current and non-current borrowings amounted to $<FONT STYLE="color: black">144.8</FONT> million. These assets are held
in Saudi Arabia by the Company&rsquo;s subsidiary Global Pipe Company, in which Saudi Steel Pipe Company (&ldquo;SSPC&rdquo;) holds a
57.3% interest.</P>

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

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

<!-- Field: Page; Sequence: 37; Value: 23 -->
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #17365D"><B>12</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Intangible assets, net</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Six-month period ended June 30,</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">Opening net book amount</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">1,357,749</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&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">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,377,110</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Currency translation adjustment</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,000</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(142</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(28,212</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Additions</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">30,248</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28,103</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Transfers / Reclassifications</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(1,053</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,129</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Amortization charge</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(25,682</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(29,282</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At June 30,</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,362,262</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,351,706</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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"><FONT STYLE="color: #17365D"><B>13</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Right-of-use assets, net and lease liabilities</B></FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Six-month period ended June 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">Opening net book amount</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">148,868</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">132,138</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Currency translation adjustment</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,090</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(247</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Additions</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">33,419</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59,124</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Disposals / Consumptions</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(5,555</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,094</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Depreciation charge</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(30,625</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(34,837</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At June 30,</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">147,197</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">155,084</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; 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="font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">At June 30,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">At December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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: right"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Land and Civil Buildings</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">27,818</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">29,735</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Industrial Buildings, Plant and Production Equipment</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">90,984</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Vehicles, furniture and fixtures</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">26,402</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Others</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,993</TD><TD STYLE="background-color: rgb(242,242,242); 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">2,481</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">147,197</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">148,868</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><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="font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Six-month period ended June 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Opening net book amount</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">144,926</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">134,432</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Translation differences</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">5,200</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,399</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes due to business combinations <SUP>(*)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(37</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Additions</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">33,308</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">58,811</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: justify">Cancellations</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(5,844</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,618</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Repayments of lease liabilities including interests <SUP>(**)</SUP></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(32,616</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(35,725</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest accrued</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,113</TD><TD STYLE="background-color: rgb(242,242,242); 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">2,889</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At June 30,</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">148,087</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">156,353</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(**)</SUP> For the six-month period
ended June 30, 2025, includes repayments of $<FONT STYLE="color: black">30.0</FONT> million in capital and $<FONT STYLE="color: black">2.6</FONT>
million of interest.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">For the six-month period ended June 30, 2024,
includes repayments of $<FONT STYLE="color: black">33.4</FONT> million in capital and $<FONT STYLE="color: black">2.3</FONT> million
of interest.</FONT><FONT STYLE="color: black"><BR STYLE="clear: both"></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: 38; Value: 23 -->
    <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 -->36<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 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">36%</FONT>, <FONT STYLE="color: black">40%</FONT>
and <FONT STYLE="color: black">24%</FONT>, respectively.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 2024, the amount of remaining payments with maturities of
less than 1 year, between 2 and 5 years and more than 5 years was approximately <FONT STYLE="color: black">30%</FONT>, <FONT STYLE="color: black">46%</FONT>
and <FONT STYLE="color: black">24%</FONT>, respectively.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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"><FONT STYLE="color: #17365D"><B>14</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Cash and cash equivalents and other investments</B></FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">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="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Cash at banks</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">133,780</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">290,901</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Liquidity funds</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">380,849</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">355,044</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Short-term investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">57,660</TD><TD STYLE="background-color: rgb(242,242,242); 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">29,311</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">572,289</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">675,256</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other investments - current</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Bonds and other fixed income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,134,287</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,273,673</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">948,980</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">722,328</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Fund investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">399,247</TD><TD STYLE="background-color: rgb(242,242,242); 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">376,998</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,482,514</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,372,999</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other investments - non-current</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Bonds and other fixed income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">898,097</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">857,959</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">104,426</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">140,292</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Others</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,154</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,049</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,009,677</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,005,300</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 2025, <I>Other Investments &ndash; non-current</I> includes
financial assets with a carrying amount of $102 million that are subject to a lending agreement with a financial institution. Under applicable
contractual terms, Tenaris retains substantially all the risks and rewards of ownership of the financial assets and has not received any
collateral in connection to them. The fee received is recognized as a gain within financial results, as interest income.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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"><FONT STYLE="color: #17365D"><B>15</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Derivative financial instruments</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <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="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">106</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other derivatives</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,570</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,484</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Contracts with positive fair values</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,676</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,484</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">3,804</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD 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="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other derivatives</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,002</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,300</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Contracts with negative fair values</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">10,806</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">8,300</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 39; Value: 23 -->
    <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 -->37<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #17365D"><B>16</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Category of financial instruments and classification within the fair value
hierarchy</B></FONT></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table illustrates the three hierarchical levels for valuing
financial instruments at fair value and those measured at amortized cost as of June 30, 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="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Measurement Categories</TD><TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">At Fair Value</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">June 30, 2025 - (Unaudited)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amortized Cost</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fair Value</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Assets</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Cash and cash equivalents</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">572,289</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">191,440</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">380,849</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">380,849</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,482,514</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">948,980</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,533,534</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,533,534</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="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: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">948,980</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">948,980</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Bonds and other fixed income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">1,134,287</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">1,134,287</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">1,134,287</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-indent: 8pt">Fund investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">399,247</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">399,247</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">399,247</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,676</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,676</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,676</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other Investments Non-current</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,009,677</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">104,426</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">905,251</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">898,097</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">7,154</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Bonds and other fixed income</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">898,097</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">898,097</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">898,097</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="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: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">104,426</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">104,426</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">7,154</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">7,154</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">7,154</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade receivables</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,892,116</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,892,116</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Receivables C and NC</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">457,355</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">196,036</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other receivables</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">196,036</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">196,036</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid; text-indent: 8pt">Other receivables (non-financial)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">261,319</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Total</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,332,998</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,822,310</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,812,480</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,676</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,154</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">Liabilities</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Borrowings C and NC</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">324,280</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">324,280</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade payables</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">910,427</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">910,427</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other liabilities C and NC</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,089,972</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">5,856</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">363,256</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">363,256</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt"><FONT STYLE="font-size: 10pt"><I>Other liabilities <SUP>(*)</SUP></I></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">369,112</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">5,856</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">363,256</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">363,256</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other liabilities (non-financial)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">720,860</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Lease Liabilities C and NC</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">148,087</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">148,087</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Derivative financial instruments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">10,806</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">10,806</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">10,806</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Total</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,388,650</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">374,062</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">10,806</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">363,256</TD><TD STYLE="background-color: rgb(242,242,242); 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"></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="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Carrying </TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Measurement Categories</TD><TD STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At Fair Value</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">December
    31, 2024</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">amount</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Amortized
    Cost</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Fair
    Value</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Level
    1</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Level
    2</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">675,256</TD><TD STYLE="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="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="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="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="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="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other investments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">2,372,999</TD><TD STYLE="font-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="font-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="font-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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-left: 8.5pt">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="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="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="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="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="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="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">1,273,673</TD><TD STYLE="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="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="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="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="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="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-indent: 8pt">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="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="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="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="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="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="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">7,484</TD><TD STYLE="font-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="font-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="font-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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other Investments Non-current</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,005,300</TD><TD STYLE="font-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="font-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="font-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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Bonds and other fixed income</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">857,959</TD><TD STYLE="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="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="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="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="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="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-left: 8.5pt">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="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="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="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="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="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="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other investments</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">7,049</TD><TD STYLE="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="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="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="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="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="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade receivables</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">1,907,507</TD><TD STYLE="font-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="font-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="font-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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Receivables C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">435,973</TD><TD STYLE="font-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="font-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="font-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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other receivables</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">191,058</TD><TD STYLE="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="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="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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid; text-indent: 8pt">Other receivables (non-financial)</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">244,915</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,281,397</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,878,207</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,863,674</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,484</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,049</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Borrowings C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">437,398</TD><TD STYLE="font-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="font-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="font-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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade payables</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">880,261</TD><TD STYLE="font-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="font-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="font-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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">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="font-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="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="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="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="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="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt"><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="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="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="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="font-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="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="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: 8pt">Other liabilities (non-financial)</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">612,277</TD><TD STYLE="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="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="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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Lease Liabilities C and NC</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">144,926</TD><TD STYLE="font-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="font-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="font-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="font-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="font-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="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">8,300</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">8,300</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">8,300</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,494,570</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">251,564</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">8,300</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">243,264</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(*)</SUP> Includes liability related
to the share buyback programs. 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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><BR STYLE="clear: both"></P>

<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: 40; Value: 23 -->
    <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 -->38<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 June
30, 2025, and December 31, 2024, main balances in this level include a liability related to the shares to be settled under the share buyback
programs. 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 June 30, 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"></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"><FONT STYLE="color: #17365D"><B>17</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Investments in non-consolidated companies</B></FONT></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</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 COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 78%; font-size: 10pt; text-align: left">At the beginning of the period</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 8%; font-size: 10pt; text-align: right">1,543,657</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">1,608,804</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Translation differences</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">23,530</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(27,674</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Equity in earnings / (losses) of non-consolidated companies</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">46,686</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(34,340</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends and distributions received</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(41,348</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(50,537</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Increase in equity reserves and others</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,576</TD><TD STYLE="background-color: rgb(242,242,242); 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">41,477</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the period</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,575,101</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,537,730</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Dividends and distributions received: </I>During the six-month period
ended June 30, 2025 and 2024, $<FONT STYLE="color: black">41.3</FONT> million and $<FONT STYLE="color: black">53.1</FONT> million were
respectively collected. These dividends are derived from our investments in Ternium and Usiminas.</P>

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

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

<!-- Field: Page; Sequence: 41; Value: 23 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 2025, the closing price of Ternium&rsquo;s ADSs as quoted
on the New York Stock Exchange was $<FONT STYLE="color: black">30.10</FONT> per ADS, giving Tenaris&rsquo;s ownership stake a market value
of approximately $<FONT STYLE="color: black">691.4</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">1,382.1</FONT>
million.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The Company reviews its participation in Ternium whenever events or circumstances
indicate that the asset&rsquo;s carrying amount may not be recoverable. As of June 30, 2025, the Company concluded that the carrying amount
of its investment in Ternium did not exceed its recoverable value.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Usiminas (&ldquo;Usinas Sider&uacute;rgicas de Minas Gerais&rdquo;) is
a Brazilian producer of high-quality flat steel products used in the energy, automotive and other industries.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 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">4.14</FONT> ($<FONT STYLE="color: black">0.76</FONT>)
and BRL<FONT STYLE="color: black">4.12</FONT> ($<FONT STYLE="color: black">0.75</FONT>), respectively, giving Tenaris&rsquo;s ownership
stake a market value of approximately $<FONT STYLE="color: black">37.0</FONT> million. As of that date, the carrying value of Tenaris&rsquo;s
ownership stake in Usiminas was approximately $ <FONT STYLE="color: black">121.8</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 June 30, 2025, the Company concluded that the carrying amount
of its investment in Usiminas did not exceed its recoverable value.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen S.A. de C.V. (&ldquo;Techgen&rdquo;) is a Mexican company that
operates a natural gas-fired combined cycle electric power plant in the Pesquer&iacute;a area of the State of Nuevo Le&oacute;n, Mexico,
with a power capacity of 900 MW. As of June 30, 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 June 30, 2025, the carrying value of Tenaris&rsquo;s ownership
stake in Techgen was approximately $<FONT STYLE="color: black">67.2</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">Techgen entered into certain transportation capacity agreements and an
agreement for the purchase of clean energy certificates. As of June 30, 2025, Tenaris&rsquo;s exposure under these agreements amounted
to $<FONT STYLE="color: black">34.7</FONT> million and $<FONT STYLE="color: black">16.4</FONT> million, respectively.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen&rsquo;s sponsors granted certain subordinated loans to Techgen.
As of June 30, 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">On February 13, 2019, Techgen entered into a $640 million syndicated loan
agreement with several banks to refinance an existing loan, resulting in the release of certain corporate guarantees previously issued
by Techgen&rsquo;s shareholders to secure the replaced facility.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The existing syndicated loan agreement is 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 transactions&ndash;. The commercial terms and conditions governing
the purchase by the Company&rsquo;s Mexican subsidiary, Tamsa, of 22% of the energy generated by Techgen remain substantially unchanged.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Under the loan agreement, Techgen is committed to maintaining a debt service
reserve account covering debt service becoming due during two consecutive quarters; such account is funded by stand-by letters of credit
issued for the account of Techgen&rsquo;s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company
applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of June 30, 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>

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

<!-- Field: Page; Sequence: 42; Value: 23 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="color: #17365D"><B>18</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #003366"><B>Contingencies, commitments and restrictions to the distribution of profits
</B></FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 17.3pt"><FONT STYLE="font-family: Wingdings">&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 a 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>

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

<!-- Field: Page; Sequence: 43; Value: 23 -->
    <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 -->41<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 June 30, 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">588.8</FONT> million (approximately $<FONT STYLE="color: black">107.9</FONT> million
at the BRL/$ 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: 14.2pt; text-align: right"><FONT STYLE="font-family: Wingdings"></FONT></TD><TD STYLE="width: 17.3pt"><FONT STYLE="font-family: Wingdings">&sect;</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" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">With respect to Chubb&rsquo;s claim, the court subsequently homologated the above-mentioned settlement
and, accordingly, the claim was finalized.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&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">116.8</FONT> million (approximately $<FONT STYLE="color: black">21.4</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">100.2</FONT> million (approximately $<FONT STYLE="color: black">18.4</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 31.45pt; font-size: 10pt; text-align: justify">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Upon learning of certain government investigations as to whether certain
payments were made prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts allegedly
linked to individuals related to Petr&oacute;leo Brasileiro S.A. (&ldquo;Petrobras&rdquo;) and whether any such payments were intended
to benefit the Company&rsquo;s Brazilian subsidiary Confab, the Audit Committee of the Company's Board of Directors engaged external counsel
in connection with the Company&rsquo;s review of these matters. In addition, the Company voluntarily notified the U.S. Securities and
Exchange Commission (&ldquo;SEC&rdquo;) and the U.S. Department of Justice (&ldquo;DOJ&rdquo;) in October 2016, 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">&nbsp;</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, among other things, 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 June 30, 2025, the aggregate amount of these
claims was estimated at BRL199.1 million (or approximately $36.5 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, based on the advice of legal counsel, cannot predict the outcome of these civil proceedings.<BR STYLE="clear: both"></P>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">In late March 2024, the Company became aware of a resolution of Brazil&rsquo;s
General Controllers Office (&ldquo;Controladoria-Geral da Uni&atilde;o or CGU&rdquo;), which opened administrative responsibility proceedings
against Confab and other non-Tenaris affiliates and formed an investigative commission charged with investigating purported irregularities.&nbsp;Potential
outcomes of an adverse CGU decision include a declaration of ineligibility for contracting with the Brazilian state for up to six years.
Confab received notice in February 2025 and believes that the CGU&rsquo;s allegations do not address either the defense arguments or
the evidence available to the plaintiffs in Brazil and presented in other jurisdictions. On April 7, 2025, Confab filed its defense and
contested the allegations. At this stage, the Company, based on the advice of legal counsel, 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: 14.2pt; text-align: right"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings">&sect;</TD><TD STYLE="text-align: justify"><I>Administrative proceeding concerning Brazilian tax credits</I></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Confab is a party to an administrative proceeding concerning the recognition
and transfer of tax credits for an amount allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer.
The proceeding resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly undue credits, which
was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&rsquo;s appeal, thereby
upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such 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">64.4</FONT>
million (approximately $<FONT STYLE="color: black">11.8</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: 14.2pt; text-align: right"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings">&sect;</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. The proceedings
are ongoing. 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: 14.2pt; text-align: right"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Wingdings">&sect;</TD><TD STYLE="text-align: justify"><I>U.S. Antidumping Duty Investigations</I></TD>
</TR></TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As a result of the investigations, and pending the outcome of the referenced
appeals, 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 with respect to imports from both Argentina and Mexico.</P>

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

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On June 6, 2025, the DOC issued a final determination with respect to imports
from Argentina, announcing a final antidumping rate of 6.76% for imports by Tenaris. This lower rate (reduced from 78.30%) became the
deposit rate for Tenaris&rsquo;s imports from Argentina as from June 12, 2025. The right to appeal against the DOC&rsquo;s final determination
expired on July 14, 2025, and no appeal was filed. The DOC has to instruct the customs authorities to proceed with liquidation at the
corresponding assessment rate of Tenaris&rsquo;s imports from Argentina that occurred between May 11, 2022, and October 31, 2023, when
existing injunctions derived from the appeals referred to in the previous paragraph are lifted. The resulting gain will be recognized
if and when these two conditions have been met.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The final determination for imports from Mexico is expected by early September
2025. As a result of these periodic reviews, the deposit rates on future imports can be expected to change, and the antidumping duty deposits
paid on imports during the relevant review period may be either returned to Tenaris in whole or in part, or may be increased.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Certain subsidiaries of the Company are parties into a long-term contract with Praxair S.A. for the service
of oxygen and nitrogen supply. As of June 30, 2025, the aggregate amount to take or pay the committed volumes for an original 14-year
term totaled approximately $<FONT STYLE="color: black">26.0</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" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A Mexican subsidiary of the Company is a party to 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>

<P STYLE="margin: 0pt 0 0pt 7.1pt; font-size: 10pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT>
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 June 30, 2025, the estimated aggregate contract amount calculated at current
prices was approximately $<FONT STYLE="color: black">30.8</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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into
a 6-year master distribution agreement (the &ldquo;MDA&rdquo;) with PAO TMK (&ldquo;TMK&rdquo;) whereby, since January 2, 2020, Tenaris
became the exclusive distributor of TMK&rsquo;s OCTG and line pipe products in United States and Canada. At the end of the MDA&rsquo;s
6-year term, TMK would have the option to extend the duration of its term for an additional 12-month period. Under the MDA, the Company
is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products, based on the aggregate market demand
for the relevant product category in the United States in the relevant year. In February 2022, however, the Company and TMK agreed that
there would be no minimum yearly purchase requirement for the OCTG product category for 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 been made since 2023.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Certain subsidiaries of the Company are parties to 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">21.6</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" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">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 June 30, 2025, the amount related to these commitments
was $<FONT STYLE="color: black">19.4</FONT> million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">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 June 30,
2025, the remaining amount related to these commitments was $<FONT STYLE="color: black">5.1</FONT> million.<BR STYLE="clear: both">
</TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 47; Value: 23 -->
    <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 -->45<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A U.S. subsidiary of the Company is party to 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 June 30, 2025, the estimated aggregate contract amount, calculated at current prices, stands at approximately $<FONT STYLE="color: black">7.9</FONT>
million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">An Argentine subsidiary of the Company is party to a contract with Usiminas from which it committed to
purchase steel coils to manufacture welded pipes for the VMOS project in the Vaca Muerta shale formation in Argentina. As of June 30,
2025, remaining purchases amounted to approximately $<FONT STYLE="color: black">31.1</FONT> million.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition, Tenaris (i) applied for stand-by letters of credit as well
as corporate guarantees covering certain obligations of Techgen as described in note <FONT STYLE="color: black">17</FONT> (c) and (ii)
issued performance guarantees mainly related to long-term commercial contracts with several customers for approximately $<FONT STYLE="color: black">4.0</FONT>
billion as of June 30, 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B><I>(iii)</I></B></TD><TD STYLE="text-align: justify"><B><I>Restrictions on the distribution of profits and payment of dividends</I></B></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I><FONT STYLE="color: black"></FONT></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">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 June 30, 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 <FONT STYLE="color: black">17,779,302</FONT> 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.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On May 6, 2025, the extraordinary general meeting of shareholders approved
the cancellation of <FONT STYLE="color: black">90,762,598</FONT> ordinary shares held in treasury by the Company 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 issued share capital of the Company and, accordingly, the legal reserve was proportionally reduced.</P>

<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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.75pt"><B>19</B></TD><TD STYLE="text-align: justify"><B>Developments concerning cancelled title deeds in Saudi Steel Pipe Company</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">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 were 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. The land purchase 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 purchase 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 has been reflected in these financial statements.</P>

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

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

<!-- Field: Page; Sequence: 48; Value: 23 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.75pt"><B>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" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange
market (&ldquo;MULC&rdquo;) and converted into Argentine pesos within 60 days (if made to related parties) or 180 days (if made to unrelated
parties) from shipment date, or, if collected earlier, within 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: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Wingdings">&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: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Wingdings">&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: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">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: 0pt 0 0pt 28.35pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Wingdings">&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. Access to the MULC to pay dividends for accumulated earnings relating to prior years remains
subject to the approval of the Argentine Central Bank.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 10.5pt; 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 through securities transactions involving securities listed both in Argentina and in other markets,
resulting in a different implicit exchange rate, generally higher than the official exchange rate. Pursuing any such transactions by Argentine
companies and, in certain cases, its shareholders and affiliates, result in temporary restrictions for the Argentine company to access
the MULC. 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">Since April 14, 2025, the Argentine government 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.</P>

<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 June 30, 2025,
amounted to a net <FONT STYLE="color: black">short</FONT> exposure of approximately $<FONT STYLE="color: black">28.1</FONT> million, while
Argentine subsidiaries held U.S. dollar-denominated Argentine bonds for an aggregated value of $<FONT STYLE="color: black">99.3</FONT>
million. In an event of an additional devaluation these companies will 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 June 30, 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 six-month period ended June 30, 2025, amounted approximately to <FONT STYLE="color: black">16%</FONT> of Tenaris&rsquo;s total sales.
Assets and liabilities denominated in Argentine peso as of June 30, 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>

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

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    <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 -->47<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="margin: 0pt 0 0pt 38.75pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Changes in working capital <SUP>(*)</SUP></B></FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 70%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 9%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">266,685</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">69,939</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Receivables and prepayments, contract assets and current
    tax assets</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(83,632</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">12,341</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Trade receivables</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">52,994</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">282,130</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Other liabilities and current tax liabilities</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">83,782</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(26,893</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Customer advances</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(70,595</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">19,799</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Trade payables</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,082</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(81,798</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">250,316</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">275,518</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Income tax accruals less payments</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Tax accrued</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">186,684</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">223,003</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Taxes paid</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(277,477</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(336,565</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(90,793</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(113,562</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Interest accruals less payments, net</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Interest accrued, net</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(120,656</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(88,868</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Interest received</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">121,668</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">120,079</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Interest paid</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(14,051</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(33,846</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(13,039</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,635</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.75pt"><B>22</B></TD><TD STYLE="text-align: justify"><B>Related party transactions</B></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 2025:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">San Faustin S.A., a Luxembourg <I>soci&eacute;t&eacute; anonyme</I>, owned <FONT STYLE="color: black">713,605,187</FONT>
shares in the Company, representing <FONT STYLE="color: black">66.57%</FONT> of the Company&rsquo;s share capital and <FONT STYLE="color: black">67.39%</FONT>
of the voting rights.</TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Based on the information most recently available to the Company, Tenaris&rsquo;s
directors and senior management as a group owned <FONT STYLE="color: black">0.08%</FONT> of the Company&rsquo;s share capital and <FONT STYLE="color: black">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="margin: 0pt 0; color: #000099; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 50; Value: 23 -->
    <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 -->48<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; color: #000099; font-size: 10pt; text-align: justify"><B>&nbsp;</B></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="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><B>(i)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Transactions</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">(a) Sales of goods, services and other transactions</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Sales of goods to associated companies</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 9%; font-size: 10pt; text-align: right">9,597</TD><TD STYLE="background-color: rgb(242,242,242); 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: 9%; font-size: 10pt; text-align: right">27,303</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Sales of goods to other related parties</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">40,771</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,840</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Sales of services and others to associated companies</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,170</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">495</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Sales of services and others to joint ventures</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">70</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Sales of services and others to other related parties</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">84,023</TD><TD STYLE="background-color: rgb(242,242,242); 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">71,719</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">136,631</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">145,427</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">(b) Purchases of goods, services and other transactions</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Purchases of goods to associated companies</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">97,151</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">87,706</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Purchases of goods to joint ventures</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">30,408</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(303</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Purchases of goods to other related parties</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">12,965</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38,616</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Purchases of services and others to associated companies</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">8,161</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Purchases of services and others to other related parties</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">27,563</TD><TD STYLE="background-color: rgb(242,242,242); 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">17,736</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">176,248</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">152,755</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">(c) Financial Results</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income from joint ventures</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,964</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,094</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,964</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,094</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">(d) Dividends</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Dividends received from associated companies</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">41,348</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50,537</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Dividends distributed to Techint Holdings S.&agrave;r.l.</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">399,619</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">285,469</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><B>(ii)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Period-end balances</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">(a) Arising from sales / purchases
    of goods / services and other transactions</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from associated companies</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 9%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,074</FONT></TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">3,133</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from joint ventures</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">69,642</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">68,759</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from other related parties</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">42,668</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">47,713</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Payables to associated companies</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(27,013</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(23,531</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Payables to joint ventures</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(5,304</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(52</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Payables to other related parties</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(4,706</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(12,165</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">79,361</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">83,857</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">(b) Financial debt</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Lease liabilities from associated companies</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,031</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,026</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Lease liabilities from other related
    parties</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(216</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(260</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(1,247</FONT></TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(1,286</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  </TABLE>

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

<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"></P>

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

<!-- Field: Page; Sequence: 51; Value: 23 -->
    <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 -->49<!-- 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"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.75pt"><B>23</B></TD><TD STYLE="text-align: justify"><B>Share Buyback Programs</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. 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,
the Company entered into non-discretionary buyback agreements with primary financial institutions that made trading decisions concerning
the timing of the purchases of the Company&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 repurchased <FONT STYLE="color: black">71,679,768</FONT>
ordinary shares, representing 6.07% of the Company&rsquo;s issued share capital as measured at the beginning of the first 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">The shares acquired during the first tranche of the first share buyback
program were cancelled at the extraordinary shareholders meeting held on April 30, 2024, and the remaining shares acquired during the
second, third and fourth tranches of the first share buyback program were cancelled at the extraordinary shareholders meeting held on
May 6, 2025, as further described below.</P>

<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 could be repurchased by the Company at the time, with the intention
to cancel the ordinary shares acquired through the program. The second 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 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 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 second share buyback program, which ran from November 11, 2024,
to (and including) March 4, 2025, 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 share buyback 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">On May 6, 2025, the extraordinary shareholders meeting approved the cancellation
of <FONT STYLE="color: black">90,762,598</FONT> ordinary shares held in treasury by the Company, which had been acquired during the second,
third and fourth tranches of the first share buyback program and second share buyback program, and resolved to approve the corresponding
reduction of the issued share capital of the Company and the amendment of the first paragraph of article 5 of the Company&rsquo;s articles
of association. As a result, effective May 6, 2025, the share capital of the Company was reduced from $<FONT STYLE="color: black">1,162,757,528</FONT>
(represented by <FONT STYLE="color: black">1,162,757,528</FONT> shares with a par value of $1 per share) to $<FONT STYLE="color: black">1,071,994,930</FONT>
(represented by <FONT STYLE="color: black">1,071,994,930</FONT> shares with a par value of $1 per share).<B><I>&nbsp;</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"><B><I></I></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>Third 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">The Company&rsquo;s ordinary shareholders meeting held on May 6, 2025,
renewed the authorization to purchase, acquire or receive, from time to time, Company shares, including shares represented by ADRs, on
such terms and conditions as may be approved by the board of directors 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">On May 27, 2025, the Company&rsquo;s board of directors approved a third
share buyback program of up to $1.2 billion (excluding incidental transaction fees), to be executed within a year, with the intention
to cancel the ordinary shares acquired through the program. The third share buyback program is carried out under the authority granted
by the annual general meeting of shareholders held on May 6, 2025, up to a maximum of 10% of the Company&rsquo;s shares.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The third share buyback program is divided into tranches. The first tranche
of the program will cover up to $600 million (excluding incidental transaction fees) and will run from June 9, 2025, to (and including)
December 8, 2025. Ordinary shares purchased under the third share buyback program will be cancelled in due course. For purposes of carrying
out each tranche of the third share buyback program, the Company entered into a non-discretionary buyback agreement with a primary financial
institution, which makes trading decisions concerning the timing of the purchases of the Company&rsquo;s shares independently of and uninfluenced
by Tenaris and acts 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 six-month period ended June 30, 2025, the Company purchased
12,277,261 shares, for approximately $235 million under the second share buyback program and purchased <FONT STYLE="color: black">13,094,268</FONT>
shares, for approximately $237 million under the third share buyback 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">During the six-month period ended June 30, 2024, the Company purchased
48,873,790 shares, for approximately $831 million (out of which approximately $803 million were paid).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 2025, the Company held in treasury the <FONT STYLE="color: black">13,094,268</FONT>
ordinary shares repurchased under the third share buyback program. The Company intends to cancel all treasury shares purchased under the
third share buyback program in <FONT STYLE="color: black">due course.</FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of June 30, 2025, and December 31, 2024, the Company held a liability
in connection to the treasury shares to be settled under the corresponding share buyback programs, which amounted to $<FONT STYLE="color: black">363</FONT>
million and $243 million, respectively, 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 share buyback programs and share repurchases
thereunder 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003366; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.75pt"><B>24</B></TD><TD STYLE="text-align: justify"><B>Tariffs on steel and other 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.
Exclusions that currently exempt specific products and countries from the existing tariffs would end under the announced plan. On June
4, the U.S. government increased these tariffs to 50%, with the exception of steel imports from the United Kingdom whose tariffs remain
at 25%, and on June 16, 2025, extended the list of steel derivative products to which the tariffs apply.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-style: italic; width: 86%">Consolidated Condensed Interim Financial Statements <BR> For the six-month period ended June 30, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; font-size: 10pt; font-style: italic; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT="" STYLE="width: 64px; height: 15px"></TD></TR></TABLE></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></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 a reciprocal tariff regime announced by the U.S. government on April 2, 2025 (currently suspended until August 1,
2025, to give time for the negotiation of trade agreements with the countries involved) 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. Negotiations
with trading partners on this matter are ongoing, with some more advanced than others. 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"></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: right">Carlos G&oacute;mez &Aacute;lzaga</P>

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

<P STYLE="margin: 0pt 0; color: #339933; font-size: 10pt; font-weight: bold"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; color: #339933; font-size: 10pt; font-weight: bold"><FONT STYLE="font-variant: small-caps"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 0.5pt solid; width: 86%">Half-year report 2025 - Interim management report</TD><TD STYLE="text-align: right; font-size: 10pt; font-style: italic; border-bottom: Black 0.5pt solid; width: 14%">&nbsp;<IMG SRC="header.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; color: #339933; font-size: 10pt; font-weight: bold"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; color: #339933; font-size: 10pt; font-weight: bold"><A NAME="a_011"></A><FONT STYLE="font-variant: small-caps">EXHIBIT I &ndash;
ALTERNATIVE PERFORMANCE MEASURES</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Income for the period</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">1,059,570</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,098,451</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">186,684</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">223,003</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Equity in (losses) earnings of non-consolidated companies</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(46,686</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34,340</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Financial Results</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(66,921</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(32,421</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation and amortization</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">296,408</TD><TD STYLE="background-color: rgb(242,242,242); 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">313,951</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">EBITDA</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,429,055</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,637,324</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Cash and cash equivalents</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">572,289</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">850,236</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Other current investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,482,514</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,452,375</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">1,002,523</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,120,834</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(3,698</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; text-align: left">Current borrowings</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(319,919</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(559,517</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-current borrowings</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,361</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21,386</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash / (debt)</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,729,348</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,842,542</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 55; Options: NewSection; Value: 54 -->
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    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Net cash provided by operating activities</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">1,494,147</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,822,178</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Capital expenditures</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(309,292</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(333,415</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Free Cash Flow</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,184,855</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,488,763</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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



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



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

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

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

<P STYLE="text-align: center; border-bottom: Black 4pt solid; margin-top: 0; margin-bottom: 0">54</P>

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

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

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M)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
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M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?0'[/_P#QXR?]?+_^
MBXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_\ ']<_
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M44444444444444444444444444444444444444445\F^-?\ C^N?^OF;_P!&
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MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_P#']<_]?,W_ *,:L6BB
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MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\ KY?_ -%QUZ91111111111111
M1111111111111111111111111111117R;XU_X_KG_KYF_P#1C5BT44444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444445] ?L_P#_ !XR?]?+_P#HN.O3********************
M************************^3?&O_']<_\ 7S-_Z,:L6BBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKZ _9__
M ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?
M)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
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M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?0'[/_P#QXR?]?+_^
MBXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_\ ']<_
M]?,W_HQJQ:**************************************************
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M**********************************^@/V?_ /CQD_Z^7_\ 1<=>F444
M44444444444444444444444444444444444444445\F^-?\ C^N?^OF;_P!&
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MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_P#']<_]?,W_ *,:L6BB
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MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\ KY?_ -%QUZ91111111111111
M1111111111111111111111111111117R;XU_X_KG_KYF_P#1C5BT44444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444445] ?L_P#_ !XR?]?+_P#HN.O3********************
M************************^3?&O_']<_\ 7S-_Z,:L6BBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6+11111111111111111111111
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M17T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKZ _9__
M ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?
M)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?0'[/_P#QXR?]?+_^
MBXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_\ ']<_
M]?,W_HQJQ:**************************************************
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M**********************************^@/V?_ /CQD_Z^7_\ 1<=>F444
M44444444444444444444444444444444444444445\F^-?\ C^N?^OF;_P!&
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M1111111111111111111111111117T!^S_P#\>,G_ %\O_P"BXZ],HHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_P#']<_]?,W_ *,:L6BB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\ KY?_ -%QUZ91111111111111
M1111111111111111111111111111117R;XU_X_KG_KYF_P#1C5BT44444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444445] ?L_P#_ !XR?]?+_P#HN.O3********************
M************************^3?&O_']<_\ 7S-_Z,:L6BBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%
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M17T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKZ _9__
M ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?
M)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?0'[/_P#QXR?]?+_^
MBXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_\ ']<_
M]?,W_HQJQ:**************************************************
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M**********************************^@/V?_ /CQD_Z^7_\ 1<=>F444
M44444444444444444444444444444444444444445\F^-?\ C^N?^OF;_P!&
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M1111111111111111111111111117T!^S_P#\>,G_ %\O_P"BXZ],HHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_P#']<_]?,W_ *,:L6BB
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MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\ KY?_ -%QUZ91111111111111
M1111111111111111111111111111117R;XU_X_KG_KYF_P#1C5BT44444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444445] ?L_P#_ !XR?]?+_P#HN.O3********************
M************************^3?&O_']<_\ 7S-_Z,:L6BBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6+11111111111111111111111
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M17T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKZ _9__
M ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?
M)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?0'[/_P#QXR?]?+_^
MBXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_\ ']<_
M]?,W_HQJQ:**************************************************
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M**********************************^@/V?_ /CQD_Z^7_\ 1<=>F444
M44444444444444444444444444444444444444445\F^-?\ C^N?^OF;_P!&
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MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_P#']<_]?,W_ *,:L6BB
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MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\ KY?_ -%QUZ91111111111111
M1111111111111111111111111111117R;XU_X_KG_KYF_P#1C5BT44444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444445] ?L_P#_ !XR?]?+_P#HN.O3********************
M************************^3?&O_']<_\ 7S-_Z,:L6BBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%
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M17T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKZ _9__
M ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?
M)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?0'[/_P#QXR?]?+_^
MBXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_\ ']<_
M]?,W_HQJQ:**************************************************
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M**********************************^@/V?_ /CQD_Z^7_\ 1<=>F444
M44444444444444444444444444444444444444445\F^-?\ C^N?^OF;_P!&
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M1111111111111111111111111117T!^S_P#\>,G_ %\O_P"BXZ],HHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_P#']<_]?,W_ *,:L6BB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\ KY?_ -%QUZ91111111111111
M1111111111111111111111111111117R;XU_X_KG_KYF_P#1C5BT44444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444445] ?L_P#_ !XR?]?+_P#HN.O3********************
M************************^3?&O_']<_\ 7S-_Z,:L6BBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6+11111111111111111111111
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M17T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKZ _9__
M ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?
M)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?0'[/_P#QXR?]?+_^
MBXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_\ ']<_
M]?,W_HQJQ:**************************************************
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M**********************************^@/V?_ /CQD_Z^7_\ 1<=>F444
M44444444444444444444444444444444444444445\F^-?\ C^N?^OF;_P!&
M-6+111111111111111111111111111111111111111111111111111111111
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M1111111111111111111111111117T!^S_P#\>,G_ %\O_P"BXZ],HHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHKY-\:_P#']<_]?,W_ *,:L6BB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\ KY?_ -%QUZ91111111111111
M1111111111111111111111111111117R;XU_X_KG_KYF_P#1C5BT44444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444445] ?L_P#_ !XR?]?+_P#HN.O3********************
M************************^3?&O_']<_\ 7S-_Z,:L6BBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6+11111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
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M111111111111111111111111111111111111111111111111111111111111
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M17T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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M4444444444444444444444444444444444444445] ?L_P#_ !XR?]?+_P#H
MN.O3********************************************^3?&O_']<_\
M7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6
M+11111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M11111111111111111111111117T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHKZ _9__ ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%?0'[/_P#QXR?]?+_^BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHKY-\:_\ ']<_]?,W_HQJQ:**************************
M************************************************************
M************************************************************
M************************************************************
M**********************************************************^@
M/V?_ /CQD_Z^7_\ 1<=>F444444444444444444444444444444444444444
M44445\F^-?\ C^N?^OF;_P!&-6+111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M1111111111111111111111111111111111111111111111111117T!^S_P#\
M>,G_ %\O_P"BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHK
MY-\:_P#']<_]?,W_ *,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\
MKY?_ -%QUZ911111111111111111111111111111111111111111117R;XU_
MX_KG_KYF_P#1C5BT44444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444444444444444444444444444445] ?L_P#_ !XR?]?+_P#H
MN.O3********************************************^3?&O_']<_\
M7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6
M+11111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M11111111111111111111111117T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHKZ _9__ ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%?0'[/_P#QXR?]?+_^BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHKY-\:_\ ']<_]?,W_HQJQ:**************************
M************************************************************
M************************************************************
M************************************************************
M**********************************************************^@
M/V?_ /CQD_Z^7_\ 1<=>F444444444444444444444444444444444444444
M44445\F^-?\ C^N?^OF;_P!&-6+111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M1111111111111111111111111111111111111111111111111117T!^S_P#\
M>,G_ %\O_P"BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHK
MY-\:_P#']<_]?,W_ *,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\
MKY?_ -%QUZ911111111111111111111111111111111111111111117R;XU_
MX_KG_KYF_P#1C5BT44444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444444444444444444444444444445] ?L_P#_ !XR?]?+_P#H
MN.O3********************************************^3?&O_']<_\
M7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6
M+11111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M11111111111111111111111117T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHKZ _9__ ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%?0'[/_P#QXR?]?+_^BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHKY-\:_\ ']<_]?,W_HQJQ:**************************
M************************************************************
M************************************************************
M************************************************************
M**********************************************************^@
M/V?_ /CQD_Z^7_\ 1<=>F444444444444444444444444444444444444444
M44445\F^-?\ C^N?^OF;_P!&-6+111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M1111111111111111111111111111111111111111111111111117T!^S_P#\
M>,G_ %\O_P"BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHK
MY-\:_P#']<_]?,W_ *,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\
MKY?_ -%QUZ911111111111111111111111111111111111111111117R;XU_
MX_KG_KYF_P#1C5BT44444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444444444444444444444444444445] ?L_P#_ !XR?]?+_P#H
MN.O3********************************************^3?&O_']<_\
M7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6
M+11111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M11111111111111111111111117T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHKZ _9__ ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%?0'[/_P#QXR?]?+_^BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHKY-\:_\ ']<_]?,W_HQJQ:**************************
M************************************************************
M************************************************************
M************************************************************
M**********************************************************^@
M/V?_ /CQD_Z^7_\ 1<=>F444444444444444444444444444444444444444
M44445\F^-?\ C^N?^OF;_P!&-6+111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M1111111111111111111111111111111111111111111111111117T!^S_P#\
M>,G_ %\O_P"BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHK
MY-\:_P#']<_]?,W_ *,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\
MKY?_ -%QUZ911111111111111111111111111111111111111111117R;XU_
MX_KG_KYF_P#1C5BT44444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444444444444444444444444444445] ?L_P#_ !XR?]?+_P#H
MN.O3********************************************^3?&O_']<_\
M7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6
M+11111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M11111111111111111111111117T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHKZ _9__ ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%?0'[/_P#QXR?]?+_^BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHKY-\:_\ ']<_]?,W_HQJQ:**************************
M************************************************************
M************************************************************
M************************************************************
M**********************************************************^@
M/V?_ /CQD_Z^7_\ 1<=>F444444444444444444444444444444444444444
M44445\F^-?\ C^N?^OF;_P!&-6+111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M1111111111111111111111111111111111111111111111111117T!^S_P#\
M>,G_ %\O_P"BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHK
MY-\:_P#']<_]?,W_ *,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\
MKY?_ -%QUZ911111111111111111111111111111111111111111117R;XU_
MX_KG_KYF_P#1C5BT44444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444444444444444444444444444445] ?L_P#_ !XR?]?+_P#H
MN.O3********************************************^3?&O_']<_\
M7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6
M+11111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M11111111111111111111111117T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHKZ _9__ ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%?0'[/_P#QXR?]?+_^BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHKY-\:_\ ']<_]?,W_HQJQ:**************************
M************************************************************
M************************************************************
M************************************************************
M**********************************************************^@
M/V?_ /CQD_Z^7_\ 1<=>F444444444444444444444444444444444444444
M44445\F^-?\ C^N?^OF;_P!&-6+111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M1111111111111111111111111111111111111111111111111117T!^S_P#\
M>,G_ %\O_P"BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHK
MY-\:_P#']<_]?,W_ *,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\
MKY?_ -%QUZ911111111111111111111111111111111111111111117R;XU_
MX_KG_KYF_P#1C5BT44444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M4444444444444444444444444444444444444445] ?L_P#_ !XR?]?+_P#H
MN.O3********************************************^3?&O_']<_\
M7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G__ (\9/^OE_P#T7'7IE%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?\ KYF_]&-6
M+11111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M11111111111111111111111117T!^S__ ,>,G_7R_P#Z+CKTRBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBODWQK_Q_7/\ U\S?^C&K%HHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHKZ _9__ ./&3_KY?_T7'7IE%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?^OF;_T8U8M%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%?0'[/_P#QXR?]?+_^BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHKY-\:_\ ']<_]?,W_HQJQ:**************************
M************************************************************
M************************************************************
M************************************************************
M**********************************************************^@
M/V?_ /CQD_Z^7_\ 1<=>F444444444444444444444444444444444444444
M44445\F^-?\ C^N?^OF;_P!&-6+111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
M1111111111111111111111111111111111111111111111111117T!^S_P#\
M>,G_ %\O_P"BXZ],HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHK
MY-\:_P#']<_]?,W_ *,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOH#]G_ /X\9/\
MKY?_ -%QUZ911111111111111111111111111111111111111111117R;XU_
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MX\9/^OE__1<=>F44444444444444444444444444444444444444444445\F
M^-?^/ZY_Z^9O_1C5BT444444444444444444444444444444444444444444
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M\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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M?0'[/_\ QXR?]?+_ /HN.O3*************************************
M*******^3?&O_']<_P#7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MX\9/^OE__1<=>F44444444444444444444444444444444444444444445\F
M^-?^/ZY_Z^9O_1C5BT444444444444444444444444444444444444444444
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M\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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M?0'[/_\ QXR?]?+_ /HN.O3*************************************
M*******^3?&O_']<_P#7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MX\9/^OE__1<=>F44444444444444444444444444444444444444444445\F
M^-?^/ZY_Z^9O_1C5BT444444444444444444444444444444444444444444
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M\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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M1111111111111111111111111111111111111117R;XU_P"/ZY_Z^9O_ $8U
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M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?^OF;_ -&-6+1111111111
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MHHHHHHHHHHHHHHHHHHHHHHKY-\:_\?US_P!?,W_HQJQ:****************
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M?0'[/_\ QXR?]?+_ /HN.O3*************************************
M*******^3?&O_']<_P#7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MX\9/^OE__1<=>F44444444444444444444444444444444444444444445\F
M^-?^/ZY_Z^9O_1C5BT444444444444444444444444444444444444444444
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M\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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M1111111111111111111111111111111111111117R;XU_P"/ZY_Z^9O_ $8U
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M*********************^@/V?\ _CQD_P"OE_\ T7'7IE%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?)OC7_C^N?^OF;_ -&-6+1111111111
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MHHHHHHHHHHHHHHHHHHHHHHKY-\:_\?US_P!?,W_HQJQ:****************
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M?0'[/_\ QXR?]?+_ /HN.O3*************************************
M*******^3?&O_']<_P#7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MX\9/^OE__1<=>F44444444444444444444444444444444444444444445\F
M^-?^/ZY_Z^9O_1C5BT444444444444444444444444444444444444444444
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M\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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M?0'[/_\ QXR?]?+_ /HN.O3*************************************
M*******^3?&O_']<_P#7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MX\9/^OE__1<=>F44444444444444444444444444444444444444444445\F
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M\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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M?0'[/_\ QXR?]?+_ /HN.O3*************************************
M*******^3?&O_']<_P#7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MX\9/^OE__1<=>F44444444444444444444444444444444444444444445\F
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M\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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M1111111111111111111111111111111111111117R;XU_P"/ZY_Z^9O_ $8U
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M?0'[/_\ QXR?]?+_ /HN.O3*************************************
M*******^3?&O_']<_P#7S-_Z,:L6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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MX\9/^OE__1<=>F44444444444444444444444444444444444444444445\F
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M\S?^C&K%HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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M1111111111111111111111111111111111111117R;XU_P"/ZY_Z^9O_ $8U
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;*********************************__9

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