<SEC-DOCUMENT>0001292814-13-001758.txt : 20130801
<SEC-HEADER>0001292814-13-001758.hdr.sgml : 20130801
<ACCEPTANCE-DATETIME>20130731180618
ACCESSION NUMBER:		0001292814-13-001758
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130630
FILED AS OF DATE:		20130801
DATE AS OF CHANGE:		20130731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ternium S.A.
		CENTRAL INDEX KEY:			0001342874
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32734
		FILM NUMBER:		131000268

	BUSINESS ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2227
		BUSINESS PHONE:		(352) 4661-11-3815

	MAIL ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2227
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>terniumfs2q13_6k.htm
<DESCRIPTION>CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2013
<TEXT>

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<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES color=black face=TradeGothic></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=EN-US color=windowtext face="times new roman">FORM 6 - K</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman">Washington, D.C. 20549</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">Report of Foreign Private Issuer</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">Pursuant to Rule 13a - 16 or 15d - 16 of</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">the Securities Exchange Act of 1934</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman">As of 7/31/2013</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman">Ternium S.A. </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">(Translation of Registrant's name into English)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: baseline" align=center><B><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 13pt" lang=FR color=windowtext face="times new roman">Ternium S.A.<BR></FONT></B><B><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 10pt" lang=FR color=windowtext face="times new roman">29, Avenue de la Porte-Neuve </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="times new roman">L-2227 Luxembourg </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: baseline" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="times new roman">(352) 2668-3152 </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">(Address of principal executive offices)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 21.3pt; MARGIN: 0cm 2.45pt 0pt 0cm" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">Form 20-F</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">&nbsp; </FONT></U><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face=symbol>&#214;&nbsp;</FONT></U></B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"> &nbsp;&nbsp;&nbsp;</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">&nbsp;Form 40-F</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"> &nbsp;</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12G3-2(b) under the Securities Exchange Act of 1934.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">Yes </FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">&nbsp;No&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">&nbsp; </FONT></U><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face=symbol>&#214;&nbsp;</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): </FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">Not applicable</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">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.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">This report contains Ternium S.A.&#8217;s consolidated financial statements as of June 30, 2013.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">SIGNATURE</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">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.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">TERNIUM S.A.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">By: </FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">/s/ Pablo Brizzio</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: </FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">/s/ Daniel Novegil</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman"> &nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">Name: Pablo Brizzio&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Daniel Novegil</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">Title: Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Chief Executive Officer</FONT></P>

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<P style="MARGIN: 0cm 42.55pt 12pt 0cm"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">Dated: July 31, 2013</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0cm 42.15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 17pt" lang=EN-US color=windowtext face="times new roman">TERNIUM S.A.</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0cm 42.15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=EN-US color=#ff3300 face="times new roman">Consolidated Condensed Interim Financial Statements as of June 30, 2013</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0cm 42.15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=EN-US color=#ff3300 face="times new roman">and for the six-month periods </FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0cm 42.15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=EN-US color=#ff3300 face="times new roman">ended on June 30, 2013 and 2012</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 0cm 42.15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=EN-US color=#ff3300 face="times new roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0cm 42.15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">29 Avenue de la Porte-Neuve, 3<SUP>rd</SUP> floor</FONT></P>

   <P style="MARGIN: 0cm 0cm 0cm 42.15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">L &#8211; 2227</FONT></P>

   <P style="MARGIN: 0cm 0cm 0cm 42.15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">R.C.S. Luxembourg: B 98 668</FONT></P></TD></TR></TABLE></DIV>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Report of Independent Registered Public Accounting Firm</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">2</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="87%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Consolidated Condensed Interim Statements of Other Comprehensive Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">3</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="87%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Consolidated Condensed Interim Statements of Financial Position</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">4</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="87%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Consolidated Condensed Interim Statements of Changes in Equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="87%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Consolidated Condensed Interim Statements of Cash Flows </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="87%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Notes to the Consolidated Condensed Interim Financial Statements</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">General information and basis of presentation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">8</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 11pt" lang=EN-US color=#ffffff face="times new roman">Accounting policies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">9</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 11pt" lang=EN-US color=#ffffff face="times new roman">New or amended accounting standards adopted </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">10</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 11pt" lang=EN-US color=#ffffff face="times new roman">Segment information</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">11</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 11pt" lang=EN-US color=#ffffff face="times new roman">Cost of sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">14</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 11pt" lang=EN-US color=#ffffff face="times new roman">Selling, general and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">14</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 11pt" lang=EN-US color=#ffffff face="times new roman">Other financial income, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">15</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 11pt" lang=EN-US color=#ffffff face="times new roman">Property, plant and equipment, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">15</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 11pt" lang=EN-US color=#ffffff face="times new roman">Intangible assets, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">15</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Investments in non-consolidated companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">16</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Distribution of dividends</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">17</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Contingencies, commitments and restrictions on the distribution of profits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">18</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Related party transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">20</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Fair value measurement </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">21</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT color=white face=tradegothic><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=white face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=white face=tradegothic></FONT></FONT></FONT><B><FONT color=white face=tradegothic><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=white face=tradegothic>1</FONT></B></FONT></B><B><FONT color=white face=tradegothic><FONT style="DISPLAY: none"><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=white face=tradegothic></FONT></B></FONT></FONT></B><FONT color=white face=tradegothic><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=white face=tradegothic> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=white face=tradegothic>21</FONT></B></B></FONT></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of </FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red>June 30, 2013</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 1pt" lang=EN-US color=black></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 20.95pt 3pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 15pt" lang=EN-US color=#ff3300 face="times new roman">Consolidated Condensed Interim Statements of Profit or Loss</FONT></B></P>

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<TR style="HEIGHT: 26.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Three-month period ended <BR>June 30, </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended <BR>June 30, </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Notes &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Net sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,134,440</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,157,216</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,270,170</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,339,147</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Cost of sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4 &amp; 5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,653,788)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,687,696)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,310,884)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,385,614)</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Gross profit </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">480,652</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">469,520</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">959,286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">953,533</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Selling, general and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4 &amp; 6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(215,784)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(211,382)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(422,950)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(414,570)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Other operating income, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">11,139</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">825</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">11,477</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,184</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Operating income </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">276,007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">258,963</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">547,813</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">543,147</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Interest expense</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(30,350)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(40,388)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(63,720)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(77,303)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Interest income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,931</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,678</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,615</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">11,489</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Other financial (expenses) income, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">7 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(11,087)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(4,789)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(22,154)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">9,312</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Equity in losses of non-consolidated companies (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(10,281)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(19,584)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(26,165)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(35,003)</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Income before income tax expense</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">227,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">196,880</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">442,389</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">451,642</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Income tax expense</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(92,804)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(81,482)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(156,554)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(165,088)</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Profit for the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">134,416</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">115,398</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">285,835</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">286,554</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Profit for the period attributable to:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Equity holders of the Company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">102,711</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">101,440</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">231,976</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">243,358</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Non-controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">31,705</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">13,958</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">53,859</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">43,196</FONT></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Profit for the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">134,416</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">115,398</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">285,835</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">286,554</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Weighted average number of shares outstanding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,963,076,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,963,076,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,963,076,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,963,076,776</FONT></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 36.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Basic and diluted earnings per share for profit attributable to the equity holders of the company (expressed in USD per share)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">0.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">0.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">0.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">0.12</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">(1) In connection with the acquisition of Usinas Sider&#250;rgicas de Minas Gerais (&#8220;Usiminas&#8221;), the Company has completed the purchase price allocation in December 31, 2012. Accordingly, following the provisions of IFRS 3, the Company has retrospectively adjusted the reported figures as of June 30, 2012, modifying mainly equity in losses of non-consolidated companies by USD 31.9 million.</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">The accompanying notes are an integral part of these consolidated condensed interim financial statements. 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, 2012.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 20.95pt 3pt 35.45pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 15pt" lang=EN-US color=#ff3300 face="times new roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black></FONT></FONT><B><FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>2 </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black></FONT></B></FONT></B><FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>of </FONT><B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></FONT></P></DIV></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 20.95pt 3pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 15pt" lang=EN-US color=#ff3300 face="times new roman">Consolidated Condensed Interim Statements of Other Comprehensive Income</FONT></B></P>

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<TR style="HEIGHT: 27pt">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Three-month period ended <BR>June 30, </FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended <BR>June 30, </FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Profit for the period</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">134,416</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">115,398</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">285,835</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">286,554</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.95pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.95pt; PADDING-TOP: 0cm" vAlign=top width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.95pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.95pt; PADDING-TOP: 0cm" vAlign=top width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.95pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.95pt; PADDING-TOP: 0cm" vAlign=top width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.95pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

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<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Items that may be reclassified subsequently to profit or loss:</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Currency translation adjustment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(56,322)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(46,569)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(99,946)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(55,230)</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Currency translation adjustment from participation in non-consolidated companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(145,346)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(213,813)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(121,794)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(260,697)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Actuarial loss on post employment benefit obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(80)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,678)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(80)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,678)</FONT></P></TD></TR>

<TR style="HEIGHT: 24.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Changes in the fair value of derivatives classified as cash flow hedges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,739</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,212</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,866</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">16,607</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Income tax relating to cash flow hedges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(522)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,264)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(560)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,524)</FONT></P></TD></TR>

<TR style="HEIGHT: 36pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Changes in the fair value of derivatives classified as cash flow hedges from participation in non-consolidated companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,846)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,710</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,353)</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Others from participation in non-consolidated companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,917)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,359)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,286)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,037)</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Other comprehensive loss for the period, net of tax</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(202,448)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(265,317)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(217,090)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(307,912)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Total comprehensive income for the period </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(68,032)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(149,919)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">68,745</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(21,358)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Attributable to:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Equity holders of the Company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(63,405)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(125,237)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">65,367</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(16,875)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Non-controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(4,627)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(24,682)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,378</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(4,483)</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Total comprehensive income for the period </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(68,032)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(149,919)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">68,745</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(21,358)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 20.95pt 3pt 0cm"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN-US color=red face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face="times new roman">The accompanying notes are an integral part of these consolidated condensed interim financial statements. 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, 2012.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>Page <B>3 </B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black></FONT></B></FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>of </FONT><B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 1pt" lang=EN-US color=black></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 15pt" lang=EN-US color=#ff3300 face="times new roman">Consolidated Condensed Interim Statements of Financial Position</FONT></B></P>

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<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Notes</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">June 30, 2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">December 31, 2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">ASSETS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Non-current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=windowtext face="times new roman">Property, plant and equipment, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">8</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">4,726,295</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">4,438,117</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Intangible assets, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">9</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">970,887</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">965,206</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=windowtext face="times new roman">Investments in non-consolidated companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">10</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,450,444</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,710,514</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Other investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">3,662</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">7,137</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,594</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Deferred tax assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">15,011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">12,541</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Receivables, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">76,226</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">72,827</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Trade receivables, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">3,349</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">7,247,468</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">5,029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">7,211,371</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">155,245</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">187,212</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">64</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Inventories, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,911,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">2,000,137</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Trade receivables, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">763,286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">735,140</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Other investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">108,098</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">160,750</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">385,707</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">3,323,811</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">560,307</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">3,643,610</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=windowtext face="times new roman">Non-current assets classified as held for sale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">14,717</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">12,018</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">3,338,528</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">3,655,628</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Total assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">10,585,996</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">10,866,999</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">EQUITY </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=windowtext face="times new roman">Capital and reserves attributable to the company&#8217;s equity holders </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">5,306,546</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">5,369,183</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Non-controlling interest</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,041,139</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,065,730</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Total equity </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">6,347,685</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">6,434,913</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">LIABILITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Non-current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">18,784</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">17,499</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Deferred income tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">621,165</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">657,211</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">326,170</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">310,569</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Trade payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">16,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">18,337</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,023,890</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">2,006,738</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,302,753</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">2,306,640</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Current tax liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">138,400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">153,071</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Other liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">135,229</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">88,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Trade payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">750,247</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">762,225</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,207,697</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">2,231,573</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">1,121,610</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">2,125,446</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Total liabilities </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">4,238,311</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">4,432,086</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">Total equity and liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">10,585,996</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">10,866,999</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.1pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD></TR>

<TR>

   <TD width="35%">&nbsp;</TD>

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   <TD width="10%">&nbsp;</TD>

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   <TD width="11%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

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   <TD width="10%">&nbsp;</TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face="times new roman">The accompanying notes are an integral part of these consolidated condensed interim financial statements. 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, 2012.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black></FONT><B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>4 </FONT></B></B><B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black></FONT></B></B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>of </FONT><B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT>&nbsp;</P></DIV></DIV>

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 18pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 35.3pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 1pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 15pt" lang=EN-US color=#ff3300 face="times new roman">Consolidated Condensed Interim Statements of Changes in Equity</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0cm">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0 width="100%">



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Attributable to the Company&#8217;s equity holders (1)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="30%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Capital stock (2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Treasury shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Initial public offering expenses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Reserves (3) </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Capital stock issue discount (4)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Currency translation adjustment</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Retained earnings</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Non-controlling interest</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 24pt"></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Balance at January 1, 2013 (as previously reported)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,004,743</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(150,000)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(23,295)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,555,079</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,324,866)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,204,884)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,564,106</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,420,883</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,074,763</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,495,646</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Adjustments (5)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(57,050)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,112</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">238</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(51,700)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(9,033)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(60,733)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Balance at January 1, 2013 (adjusted)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,004,743</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(150,000)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(23,295)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,498,029</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,324,866)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,199,772)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,564,344</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,369,183</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,065,730</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,434,913</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Profit for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">231,976</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">231,976</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">53,859</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">285,835</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Other comprehensive income (loss) for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Currency translation adjustment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(170,300)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(170,300)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(51,440)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(221,740)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Actuarial loss on post employment benefit obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(50)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(50)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(30)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(80)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Cash flow hedges, net of tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,691</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,691</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,325</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">8,016</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,950)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,950)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(336)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,286)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Total comprehensive income for the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,691</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(170,300)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">231,976</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">65,367</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,378</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">68,745</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Acquisition of non-controlling interest (6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(404)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(404)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(525)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(929)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Dividends paid in cash (7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(127,600)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(127,600)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(127,600)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Dividends paid in cash by subsidiary companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(27,444)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(27,444)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Balance at June 30, 2013 (unaudited)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,004,743</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(150,000)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(23,295)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,501,316</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,324,866)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,370,072)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,668,720</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,306,546</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,041,139</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,347,685</FONT></B></P></TD></TR></TABLE>

<DIV align=left>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1) Shareholders&#8217; equity determined in accordance with accounting principles generally accepted in Luxembourg is disclosed in Note 12 (v). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(2) The Company has an authorized share capital of a single class of 3.5 billion shares having a nominal value of USD 1.00 per share. As of June 30, 2013, there were 2,004,743,442 shares issued. All issued shares are fully paid.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(3) Include legal reserve under Luxembourg law for USD 200.5 million, undistributable reserves under Luxembourg law for USD 1.4 billion, hedge accounting reserve, net of tax effect, for USD 1.1 &nbsp;million and reserves related to the acquisition of non-controlling interest in subsidiaries according to IAS 27 for USD (58.9) million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(4) Represents the difference between book value of non-monetary contributions received from shareholders under Luxembourg GAAP and IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(5) See note 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(6) Corresponds to the acquisition of the non-controlling interest held by Sider&#250;rgica de Caldas S.A.S., a subsidiary of Ternium S.A., in Procesadora de Materiales Industriales S.A. in April 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(7) See note 11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 3pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Dividends may be paid by Ternium to the extent distributable retained earnings calculated in accordance with Luxembourg law and regulations exist. Therefore, retained earnings included in these consolidated financial statements may not be wholly distributable. See Note 12 (v).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 3pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">The accompanying notes are an integral part of these consolidated condensed interim financial statements. These consolidated condensed interim financial statements should be read in conjunction with our audited Consolidated <FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Financial Statements and notes for the fiscal year ended December 31, 2012.</FONT></FONT>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>5</FONT></B></B><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT></B></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 1pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 15pt" lang=EN-US color=#ff3300 face="times new roman">Consolidated Condensed Interim Statements of Changes in Equity</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Attributable to the Company&#8217;s equity holders (1)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="30%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Capital stock (2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Treasury shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Initial public offering expenses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Reserves (<FONT style="FONT-SIZE: 9pt" face="Times New Roman">3</FONT>) </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Capital stock issue discount (<FONT style="FONT-SIZE: 9pt" face="Times New Roman">4</FONT>)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Currency translation adjustment</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Retained earnings</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Non-controlling interest</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 24pt"></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Balance at January 1, 2012 (as previously reported)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,004,743</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(150,000)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(23,295)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,542,040</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,324,866)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(864,353)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,572,103</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,756,372</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,084,827</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,841,199</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Adjustments (5)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(50,295)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,190</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">228</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(44,877)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(7,772)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(52,649)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Balance at January 1, 2012 (adjusted)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,004,743</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(150,000)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(23,295)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,491,745</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,324,866)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(859,163)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,572,331</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,711,495</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,077,055</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,788,550</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Profit for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">243,358</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">243,358</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">43,196</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">286,554</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Other comprehensive income (loss) for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Currency translation adjustment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(268,266)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(268,266)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(47,661)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(315,927)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Actuarial loss on post employment benefit obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(873)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(873)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(805)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,678)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Cash flow hedges, net of tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">11,633</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">11,633</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,097</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">12,730</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,727)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,727)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(310)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,037)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Total comprehensive income for the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">8,033</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(268,266)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">243,358</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(16,875)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(4,483)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(21,358)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Dividends paid in cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(147,231)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(147,231)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(147,231)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Dividends paid in cash by subsidiary companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(15,902)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(15,902)</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Contributions from non-controlling shareholders in consolidated subsidiaries (6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">29,400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">29,400</FONT></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Balance at June 30, 2012 (unaudited)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,004,743</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(150,000)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(23,295)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,499,778</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,324,866)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,127,429)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,668,458</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,547,389</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,086,070</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,633,459</FONT></B></P></TD></TR></TABLE>

<DIV align=left>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1) Shareholders&#8217; equity determined in accordance with accounting principles generally accepted in Luxembourg is disclosed in Note 12 (v). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(2) The Company has an authorized share capital of a single class of 3.5 billion shares having a nominal value of USD 1.00 per share. As of June 30, 2012, there were 2,004,743,442 shares issued. All issued shares are fully paid.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(3) Include legal reserve under Luxembourg law for USD 200.5 million, undistributable reserves under Luxembourg law for USD 1.4 billion, hedge accounting reserve, net of tax effect, for USD 2.1 million and reserves related to the acquisition of non-controlling interest in subsidiaries according to IAS 27 for USD (58.5) million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(4) Represents the difference between book value of non-monetary contributions received from shareholders under Luxembourg GAAP and IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(5) See note 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(6) Corresponds to the contribution made by Nippon Steel Corporation in Tenigal, S.R.L. de C.V.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 3pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Dividends may be paid by Ternium to the extent distributable retained earnings calculated in accordance with Luxembourg law and regulations exist. Therefore, retained earnings included in these consolidated financial statements may not be wholly distributable. See Note 12 (v).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 3pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">The accompanying notes are an integral part of these consolidated condensed interim financial statements. 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, 2012.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>6</FONT></B></B><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT></B></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 15pt" lang=EN-US color=black></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 15pt" lang=EN-US color=#ff3300 face="times new roman">Consolidated Condensed Interim Statements of Cash Flows</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended <BR>June 30, </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=ES-AR color=windowtext face="times new roman">Notes</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Cash flows from operating activities</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="14%">&nbsp;</TD>

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<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Profit for the period</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">285,835</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">286,554</FONT></B></P></TD></TR>

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<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Depreciation and amortization </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">8 &amp; 9</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">190,343</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">179,242</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Income tax accruals less payments </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(85,123)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">73,702</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Equity in losses of non-consolidated companies</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">26,165</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">35,002</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Interest accruals less payments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(15,236)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,229</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Changes in provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">7,995</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,940</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Changes in working capital </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">121,469</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(170,043)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Net foreign exchange results and others </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">24,084</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">29,105</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Net cash provided by operating activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">555,532</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">442,731</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Capital expenditures </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">8 &amp; 9</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(507,673)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(406,472)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Acquisition of business - Purchase consideration</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,243,610)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Decrease in other investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">56,127</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">111,861</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Proceeds from the sale of property, plant and equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,001</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Dividends received from non-consolidated companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,718</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Acquisition of non-controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(929)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Net cash used in investing activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(451,470)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,532,502)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Dividends paid in cash to company&#8217;s shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(127,600)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(147,231)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Dividends paid in cash by subsidiary companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(27,444)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(15,902)</FONT></P></TD></TR>

<TR style="HEIGHT: 21.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Contributions from non-controlling shareholders in consolidated subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">29,400</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Proceeds from borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">529,052</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">897,964</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Repayments of borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(662,779)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(342,316)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Net cash (used in) provided by financing activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(288,771)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">421,915</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Decrease in cash and cash equivalents</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(184,709)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,667,856)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">At January 1, </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">560,307</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,158,044</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Effect of exchange rate changes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,118)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,106)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Initial cash - Proportional consolidation of Pe&#241;a Colorada and Exiros</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">10</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">12,227</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Decrease in cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(184,709)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,667,856)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Cash and cash equivalents at June 30, (1)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">385,707</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">487,082</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=ES color=#ff3300 face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 11.6pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=ES color=#ff3300 face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 13.7pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face="times new roman">(1)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman"> &nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES color=black face="times new roman">&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face="times new roman">It includes restricted cash of USD 1,367 and USD 110 as of June 30, 2013 and 2012, respectively. In addition , the Company had other investments with a maturity of more than three months for USD 108,098 as of June 30, 2013.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 20.9pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 13.7pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=windowtext face="times new roman">The accompanying notes are an integral part of these consolidated condensed interim financial statements. 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&nbsp;31, 2012.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">1.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">GENERAL INFORMATION AND BASIS OF PRESENTATION </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Ternium S.A. (the &#8220;Company&#8221; or &#8220;Ternium&#8221;), was incorporated on December 22, 2003 to hold investments in flat and long steel manufacturing and distributing companies.&nbsp; The Company has an authorized share capital of a single class of 3.5 billion shares having a nominal value of USD 1.00 per share.&nbsp; As of June 30, 2013, there were 2,004,743,442 shares issued.&nbsp; All issued shares are fully paid.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Following a corporate reorganization carried out during fiscal year 2005, in January 2006 the Company successfully completed its registration process with the United States Securities and Exchange Commission (&#8220;SEC&#8221;).&nbsp; Ternium&#8217;s ADSs began trading on the New York Stock Exchange under the symbol &#8220;TX&#8221; on February 1, 2006.&nbsp; The Company&#8217;s initial public offering was settled on February 6, 2006.&nbsp; On January 31, 2011, the Company filed with the SEC a registration statement on form F-3 relating to sales of equity and debt securities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Company was initially established as a public limited liability company (soci&#233;t&#233; anonyme) under Luxembourg&#8217;s 1929 holding company regime.&nbsp; Until termination of such regime on December 31, 2010, holding companies incorporated under the 1929 regime (including the Company) were exempt from Luxembourg corporate and withholding tax over dividends distributed to shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">On January 1, 2011, the Company became an ordinary public limited liability company (soci&#233;t&#233; anonyme) and, effective as from that date, the Company is subject to all applicable Luxembourg taxes (including, among others, corporate income tax on its worldwide income) and its dividend distributions will generally be subject to Luxembourg withholding tax.&nbsp; However, dividends received by the Company from subsidiaries in high income tax jurisdictions, as defined under Luxembourg law, will continue to be exempt from corporate income tax in Luxembourg under Luxembourg&#8217;s participation exemption.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">As part of the Company&#8217;s corporate reorganization in connection with the termination of Luxembourg&#8217;s 1929 holding company regime, on December 6, 2010, the Company contributed its equity holdings in all its subsidiaries and all its financial assets to its Luxembourg wholly-owned subsidiary Ternium Investments S.&#224;.r.l., or Ternium Investments, in exchange for newly issued corporate units of Ternium Investments. As the assets contributed were recorded at their historical carrying amount in accordance with Luxembourg GAAP, the Company&#8217;s December 2010 contribution of such assets to Ternium Investments resulted in a non-taxable revaluation of the accounting value of the Company&#8217;s assets under Luxembourg GAAP. The amount of the December 2010 revaluation was equal to the difference between the historical carrying amounts of the assets contributed and the value at which such assets were contributed and amounted to USD4.0 billion. However, for the purpose of these consolidated financial statements, the assets contributed by Ternium to its wholly-owned subsidiary Ternium Investments were recorded based on their historical carrying amounts in accordance with IFRS, with no impact on the financial statements.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">1.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">GENERAL INFORMATION AND BASIS OF PRESENTATION (continued)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Following the completion of the corporate reorganization, and upon its conversion into an ordinary Luxembourg holding company, the Company voluntarily recorded a special reserve exclusively for tax-basis purposes. As of December 31, 2012 and 2011, this special tax reserve amounted to USD 7.6 billion and USD 7.7 billion, respectively. The Company expects that, as a result of its corporate reorganization, its current overall tax burden will not increase, as all or substantially all of its dividend income will come from high income tax jurisdictions. In addition, the Company expects that dividend distributions for the foreseeable future will be imputed to the special reserve and therefore should be exempt from Luxembourg withholding tax under current Luxembourg law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The name and percentage of ownership of subsidiaries that have been included in consolidation in these Consolidated Condensed Interim Financial Statements is disclosed in Note 2 to the audited Consolidated Financial Statements for the year ended December 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Certain comparative amounts have been reclassified to conform to changes in presentation in the current period, and also to reflect the changes necessary for June 30, 2012 in connection with the completion of the purchase price allocation of Usiminas. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The preparation of consolidated condensed interim financial statements requires management to make estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the statement of financial position, and also the reported amounts of revenues and expenses for the reported periods. Actual results may differ from these estimates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Material intercompany transactions and balances have been eliminated in consolidation. However, the fact that the functional currency of the Company&#8217;s subsidiaries differ, results in the generation of foreign exchange gains and losses that are included in the consolidated condensed interim income statement under &#8220;Other financial&nbsp; income (expenses), net&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">These Consolidated Condensed Interim Financial Statements have been approved for issue by the Board of Directors of Ternium on July 30, 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=ES color=black face="times new roman">2.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=ES color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=ES color=black face="times new roman">ACCOUNTING POLICIES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">These Consolidated Condensed Interim Financial Statements have been prepared in accordance with IAS 34, &#8220;Interim Financial Reporting&#8221; and are unaudited. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2012, which have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board, and adopted by the European Union. Recently issued accounting pronouncements were applied by the Company as from their respective dates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">These Consolidated Condensed Interim Financial Statements have been prepared following the same accounting policies used in the preparation of the audited Consolidated Financial Statements for the year ended December 31, 2012, except for the changes described in note 3.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>9</FONT></B></B><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT></B></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">3.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">NEW OR AMENDED ACCOUNTING STANDARDS ADOPTED</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Company has applied the following standards as of January 1, 2013:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8226;&nbsp;&nbsp;&nbsp; IAS 19, &#8220;Employee benefits&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">In June 2011, the IASB issued IAS 19 (amended 2011), &#8220;Employee benefits&#8221;, which makes significant changes to the recognition and measurement of defined benefit pension expense and termination benefits, and to the disclosures for all employee benefits.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">As a consequence of this application of this standard, the following note should replace note 4 (n)(1) paragraphs 1 to 5 as included in the audited Consolidated Financial Statements for the year ended December 31, 2012:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(1) Pension obligations and other post-employment obligations</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;Past-service costs are recognized immediately in income.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">For defined benefit plans, net interest income/expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less plan assets.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The effect of these adjustments in the pension obligations and other post-employment obligations is as follows:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Period ended</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">December 31,<BR>2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">June 30,<BR>2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">December 31,<BR>2011</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="19%">&nbsp;</TD>

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   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="17%">&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Effect in Equity </FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(60,733)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(53,248)</FONT></B></P></TD>

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   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(52,649)</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="37%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="19%">&nbsp;</TD>

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   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Effect in Liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">60,733</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">53,248</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">52,649</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Deferred income tax liability </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(24,880)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(21,878)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(21,515)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Other liabilities </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">85,613</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">75,126</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">74,164</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 42.55pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">3.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">NEW OR AMENDED ACCOUNTING STANDARDS ADOPTED (continued)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8226;&nbsp;&nbsp;&nbsp; Amendments to IAS 1, &#8220;Financial statement presentation&#8221;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">In June 2011, the IASB issued IAS 1 (amended 2011), &#8220;Financial statement presentation&#8221;. The amendment requires entities to separate items presented in Other comprehensive income into two groups, based on whether or not they may be recycled to profit or loss in the future. See impact of the application in the Consolidated Condensed Interim Statements of Other Comprehensive Income.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8226;&nbsp;&nbsp;&nbsp; IFRS 13, &#8220;Fair value measurement&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">In May 2011, the IASB issued IFRS 13, &#8220;Fair value measurement&#8221;. The standard explains how to measure fair value and aims to enhance fair value disclosures. See information related to this standard in note 14.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">4.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">SEGMENT INFORMATION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">REPORTABLE OPERATING SEGMENTS</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Company is organized in two reportable segments: Steel and Mining.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Steel segment includes the sales of steel products, which comprises slabs, hot rolled coils and sheets, cold rolled coils and sheets, tin plate, welded pipes, hot dipped galvanized and electro-galvanized sheets, pre-painted sheets, billets (steel in its basic, semi-finished state), wire rod and bars and other tailor-made products to serve its customers&#8217; requirements. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Steel segment comprises three operating segments: Mexico, Southern Region and Other markets. These three segments have been aggregated considering the economic characteristics and financial effects of each business activity in which the entity engages; the related economic environment in which it operates; the type or class of customer for the products; the nature of the products; and the production processes. The Mexico operating segment comprises the Company&#8217;s businesses in Mexico. The Southern region operating segment manages the businesses in Argentina, Paraguay, Chile, Bolivia and Uruguay. The Other markets operating segment includes businesses mainly in United States, Colombia, Guatemala, Costa Rica, El Salvador, Nicaragua and Honduras.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Mining segment includes the sales of mining products, mainly iron ore and pellets, and comprises the mining activities of Las Encinas, an iron ore mining company in which Ternium holds a 100% equity interest. Starting on January 1, 2013, it also includes the 50% of the operations and results performed by Pe&#241;a Colorada, another iron ore mining company in which Ternium maintains that same percentage over its equity interest. Both mining operations are located in Mexico. In the comparative information as of June 30, 2012, the 50% of the operations and results performed by Pe&#241;a Colorada are only included under management view, see explanation included in note 10.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">4.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">SEGMENT INFORMATION (continued)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Ternium&#8217;s Chief Operating Decision Maker (CEO) holds monthly meetings with senior management, in which operating and financial performance information is reviewed, including financial information that differs from IFRS principally as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">- The use of direct cost methodology to calculate the inventories, while under IFRS is at full cost, including absorption of production overheads and depreciation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">- The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost (with the FIFO method).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">- Under IFRS, the results of Pe&#241;a Colorada are aggregated in equity in earnings of non-consolidated companies until December 31, 2012. Starting on January 1, 2013, these results are included considering 50% of the operations on a line by line basis, see note 10 for further detail. In the comparative information as of June 30, 2012, the 50% of the operations and results performed by Pe&#241;a Colorada are only included under management view.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">- Other timing and non-significant differences.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Most information on segment assets is not disclosed as it is not reviewed by the CODM.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended June 30, 2013 (Unaudited)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Steel</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">IFRS</FONT></B></P></TD>

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   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Net sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,207,769</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">201,602</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(139,201)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,270,170</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Cost of sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,308,558)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(142,343)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">140,017</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,310,884)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="40%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Gross profit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">899,211</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">59,259</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">816</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">959,286</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="40%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Selling, general and administrative expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(408,933)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(14,017)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(422,950)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="40%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Other operating income, net </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">11,493</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(16)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">11,477</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Operating income - IFRS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">501,771</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">45,226</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">816</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">547,813</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Management view</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Net sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,207,769</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">278,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(215,995)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,270,170</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Operating income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">351,491</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">120,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">816</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">472,428</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Reconciliation items:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%">

   <P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Differences in Cost of sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">75,385</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Operating income - IFRS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">547,813</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Financial income (expense), net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(79,259)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Equity in earnings of non-consolidated companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(26,165)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Income before income tax expense - IFRS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">442,389</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Depreciation and amortization - IFRS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(174,836)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(15,507)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(190,343)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>12</FONT></B></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV></DIV>

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 18pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 35.3pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">4.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">SEGMENT INFORMATION (continued)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=ES color=black face="times new roman"></FONT></I></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 99%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=top width="59%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended June 30, 2012 (Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Steel</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Mining</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Inter-segment eliminations</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Net sales</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,338,913</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">89,848</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(89,614)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,339,147</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Cost of sales</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,395,624)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(78,216)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">88,226</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,385,614)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Gross profit</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">943,289</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">11,632</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,388)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">953,533</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Selling, general and administrative expenses </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(411,444)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,126)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(414,570)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Other operating income, net </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,156</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">28</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,184</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt" width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Operating income - IFRS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">536,001</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">8,534</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,388)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.45pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">543,147</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Management view</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Net sales</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,338,913</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">270,516</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(270,282)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,339,147</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Operating income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">446,146</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">145,985</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,671)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">590,460</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Reconciliation items:</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Differences in Cost of sales</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(37,069)</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Differences related to Pe&#241;a Colorada (Line by line vs Equity method)</FONT></P></TD>

   <TD style="HEIGHT: 24pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 24pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 24pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 24pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(10,244)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Operating income - IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">543,147</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Financial income (expense), net</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(56,502)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="41%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Equity in earnings of non-consolidated companies</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(35,003)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Income before income tax expense - IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">451,642</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Depreciation and amortization - IFRS</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(171,798)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(7,443)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(179,241)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">GEOGRAPHICAL INFORMATION</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">There are no revenues from external customers attributable to the Company&#8217;s country of incorporation (Luxembourg). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">For purposes of reporting geographical information, net sales are allocated based on the customer&#8217;s location. Allocation of non-current assets is based on the geographical location of the underlying assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 99%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="33%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=top width="67%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended June 30, 2013 (Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="33%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Mexico</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Southern region</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Other markets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="HEIGHT: 4.5pt" width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Net sales </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,102,987</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,432,752</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">734,431</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,270,170</FONT></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Non-current assets (1)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,407,403</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,212,299</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">77,480</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,697,182</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="33%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=top width="67%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended June 30, 2012 (Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Mexico</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Southern region</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Other markets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Net sales </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,291,051</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,349,190</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">698,906</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,339,147</FONT></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Non-current assets (1)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,809,170</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,204,560</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">95,569</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,109,299</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="33%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="66%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">(1) Includes Property, plant and equipment and Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclFooter17"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>13</FONT></B></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_18"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader18"></a><DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 18pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="99%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 35.3pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 35.3pt; PADDING-TOP: 0cm" vAlign=top width="99%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">5.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">COST OF SALES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 50.95pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 27pt">

   <TD style="HEIGHT: 27pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27pt" vAlign=bottom width="38%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended <BR>June 30, </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="38%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Inventories at the beginning of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,000,137</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,123,516</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Opening inventories - Pe&#241;a Colorada (see note 10)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">18,006</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Translation differences</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(62,985)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(41,777)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 23.25pt">

   <TD style="HEIGHT: 23.25pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Raw materials and consumables used and <BR>other movements</FONT></P></TD>

   <TD style="HEIGHT: 23.25pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,548,596</FONT></P></TD>

   <TD style="HEIGHT: 23.25pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 23.25pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,848,851</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Services and fees</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">43,520</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">62,708</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Labor cost</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">303,493</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">275,009</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Depreciation of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">157,079</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">146,969</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Amortization of intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">8,225</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,168</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Maintenance expenses</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">199,958</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">181,861</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Office expenses</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,674</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,915</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Insurance</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">7,219</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,155</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Recovery of obsolescence allowance</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,746</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">7,615</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Recovery from sales of scrap and by-products</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(20,332)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(19,294)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Others</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">10,023</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">9,153</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Less: Inventories at the end of the period</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,911,475)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,221,235)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Cost of Sales</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,310,884</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,385,614</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">6.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 45.05pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 25.5pt">

   <TD style="HEIGHT: 25.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 25.5pt" vAlign=bottom width="39%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended <BR>June 30, </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="39%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Services and fees</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">34,932 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">50,084 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Labor cost</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">118,241 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">110,190 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Depreciation of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,646 &nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,572 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Amortization of intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">18,393 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">22,533 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Maintenance and expenses</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,776 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,456 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Taxes</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">69,683 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">56,104 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Office expenses</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">19,687 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">24,220 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Freight and transportation</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">140,493 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">133,135 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Increase of allowance for doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">53 &nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">427 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">10,046 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">9,849 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Selling, general and administrative expenses &nbsp;</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">422,950 &nbsp;</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">414,570 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>14</FONT></B></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV></DIV>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 18pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="99%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 35.3pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 35.3pt; PADDING-TOP: 0cm" vAlign=top width="99%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">7.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">OTHER FINANCIAL INCOME (EXPENSES) , NET</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 91%; MARGIN-LEFT: 43.35pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 26.25pt">

   <TD style="HEIGHT: 26.25pt" vAlign=bottom width="71%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 26.25pt" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended <BR>June 30, </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=top width="71%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=top width="71%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Net foreign exchange (loss) gain</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(6,646)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,498</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Change in fair value of financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(9,883)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">10,651</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Debt issue costs</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,678)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,054)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,947)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,783)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Other financial (loss) income, net</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(22,154)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">9,312</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">8.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">PROPERTY, PLANT AND EQUIPMENT, NET</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 91%; MARGIN-LEFT: 43.35pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 26.25pt">

   <TD style="HEIGHT: 26.25pt" vAlign=bottom width="71%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 26.25pt" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended <BR>June 30, </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="71%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="71%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">At the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,438,118</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,969,187</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt" vAlign=bottom width="71%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Currency translation differences</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(110,782)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(58,859)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Additions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">484,650</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">381,944</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Disposals</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,101)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(5,337)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Depreciation charge</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(163,725)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(151,541)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Capitalized borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">652</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Transfers and other movements (see note 10)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">80,483</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">At the end of the period</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,726,295</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,135,394</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">9.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">INTANGIBLE ASSETS, NET</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 91%; MARGIN-LEFT: 45.45pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 26.25pt">

   <TD style="HEIGHT: 26.25pt" vAlign=bottom width="71%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 26.25pt" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended <BR>June 30, </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="71%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="71%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">At the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">965,206</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">977,711</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt" vAlign=bottom width="71%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Currency translation differences</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(1,136)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(633)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Additions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">23,023</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">24,528</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Amortization charge</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(26,618)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(27,701)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Transfers and other movements (see note 10)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">10,412</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">At the end of the period</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">970,887</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">973,90<FONT style="FONT-SIZE: 9pt" face="Times New Roman">5</FONT></FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclFooter19"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>15</FONT></B></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 18pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 35.3pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">10.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">INVESTMENTS IN NON-CONSOLIDATED COMPANIES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Company</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Country of incorporation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Main activity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Voting rights at</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Value at</FONT></B></P></TD></TR>

<TR style="HEIGHT: 24.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">June 30, 2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">December 31, 2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">June 30, 2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">December 31, 2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 29.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=#ffffff face="times new roman">Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=#ffffff face="times new roman">Manufacturing and selling of steel products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">22.71%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">22.71%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,447,161</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,592,340</FONT></P></TD></TR>

<TR style="HEIGHT: 27pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Consorcio Minero Benito Juarez Pe&#241;a Colorada S.A.de C.V. (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Mexico</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=#ffffff face="times new roman">Exploration, exploitation and pelletizing of iron ore</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">50.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">50.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">106,167</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Exiros B.V. (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Netherlands</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Holding company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">50.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">50.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">8,986</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Finma S.A.I.F.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=#ffffff face="times new roman">Consulting and financial services company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">33.33%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">33.33%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,977</FONT></P></TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Arhsa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=#ffffff face="times new roman">Consulting and financial services company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">33.33%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">33.33%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">672</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">867</FONT></P></TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Techinst S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=#ffffff face="times new roman">Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=#ffffff face="times new roman">Consulting and financial services company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">33.33%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">33.33%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">882</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">177</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,450,444</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,710,514</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman"> &nbsp;</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman">&nbsp;Until December 31, 2012, Ternium&#8217;s investment in Consorcio Minero Benito Juarez Pe&#241;a Colorada S.A. de C.V. and Pe&#241;a Colorada Servicios S.A. de C.V. was presented as an investment in non-consolidated companies and its results under the equity in earnings (losses) in non-consolidated companies within the consolidated income statement. Starting on January 1, 2013, and in connection with certain new agreements, the Company applied the provisions of IFRS 11 and began to recognize its assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman"> &nbsp;</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman">&nbsp;Formerly Lomond Holdings B.V. Until December 31, 2012, Ternium&#8217;s investment in Exiros B.V. was presented as an investment in non-consolidated companies and its results under the equity in earnings (losses) in non-consolidated companies within the consolidated income statement. Starting on January 1, 2013, and in connection with an amendment in the shareholders&#8217; agreement, the Company applied the provisions of IFRS 11 and began to recognize its assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman">On January 16, 2012, the Company&#8217;s wholly-owned Luxembourg subsidiary Ternium Investments S.&#224; r.l., together with the Company&#8217;s Argentine majority-owned subsidiary Siderar S.A.I.C. (and Siderar&#8217;s wholly-owned Uruguayan subsidiary Prosid Investments S.C.A.), and Confab Industrial S.A., a Brazilian subsidiary of Tenaris S.A. (&#8220;TenarisConfab&#8221;), joined Usiminas&#8217; existing control group through the acquisition of 84.7, 30.0, and 25.0 million ordinary shares, respectively. As a result of these transactions, the control group, which holds 329.4 million ordinary shares representing the majority of Usiminas&#8217; voting rights, is now formed as follows: Nippon Group 47.2%, Ternium/Tenaris Group 42.4%, and CEU 10.4%. As of June 30, 2013 the value of the investment is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman"></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 9.95pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Value of investment </FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">USIMINAS</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">At January 1, 2013</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,592,340 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Share of results</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(26,810)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(118,369)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">At June 30, 2013</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,447,161 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=ES color=black face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman">On July 25,&nbsp; 2013,&nbsp; Usiminas approved its interim accounts as of and for the six-months ended June 30, 2013, which state that revenues, post-tax losses from continuing operations and shareholders&#8217; equity&nbsp; amounted to USD 3,169 million, USD 106 million and USD 7,426 million, respectively.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>16</FONT></B></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">10.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">INVESTMENTS IN NON-CONSOLIDATED COMPANIES (continued)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman"></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">USIMINAS</FONT></B></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Summarized balance sheet (in million USD)</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">As of June 30,<BR>2013</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Non-current</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">9,762</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Current</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,766</FONT></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">14,528</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Non-current</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,849</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Current</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,368</FONT></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6,217</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Minority interest</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">885</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Shareholders' equity</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">7,426</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">USIMINAS</FONT></B></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Summarized income statement (in million USD)</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended June 30, 2013</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Net sales</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">3,169 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Cost of sales</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(2,883)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">286 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Selling, general and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(232)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Other operating income, net</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">6 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Operating income</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">60 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Financial expenses, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(252)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Equity in earnings of associated companies</FONT></P></TD>

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   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">39 &nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Income before income tax</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(153)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Income tax expense</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">81 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Net loss before minority interest</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(72)&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Minority interest in other subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(34)&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Net loss for the period</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(106)&nbsp;</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=ES color=black face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=ES color=black face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">11.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">DISTRIBUTION OF DIVIDENDS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">During the annual shareholders&#8217; meeting held on May 2, 2013, the shareholders approved the consolidated&nbsp; financial statements and unconsolidated annual accounts for the year ended December </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">31, 2012, and a distribution of dividends of USD 0.065 per share (USD 0.65 per ADS), or approximately USD 130.3 million.&nbsp; The dividends were paid on May 10, 2013.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=ES color=black face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=ES color=black face="times new roman"></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">12.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">This note should be read in conjunction with Note 25 to the Company&#8217;s audited Consolidated Financial Statements for the year ended December 31, 2012.&nbsp; Significant changes or events since the date of issue of such financial statements are as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">(i)</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman"> Siderar.&nbsp; AFIP &#8211; Income tax claim for fiscal years 1995 to 1999</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">The Administraci&#243;n Federal de Ingresos P&#250;blicos (&#8220;AFIP&#8221; &#8211; the Argentine tax authority) has challenged the charge to income of certain disbursements that Siderar has treated as expenses necessary to maintain industrial installations, which as such should be deducted in the year in which they take place.&nbsp; The AFIP asserts that these are investments or improvements that must be capitalized and, therefore, it made a jeopardy assessment of income tax due on a nominal tax basis plus fines and interest in fiscal years 1995 to 1999 amounting to approximately USD 16.6 million as of June 30, 2013. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">The Company appealed these assessments before the National Tax Court, as in the view of its legal and tax advisors, there are reasons that would likely result in a favorable ruling for the Company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 6pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">On April 13, 2005 the Company was notified of a ruling issued by the National Tax Court reducing the assessments made by the AFIP for fiscal years 1995 and 1996. The ruling was appealed both by the Company and the AFIP. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 5pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">On June 10, 2010 the Company was notified of a ruling issued by the Court of Appeals in federal administrative law which mainly resulted in favor of the Company. The ruling was appealed both by the Company and the AFIP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 6pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">On June 8, October 31 and October 15, 2012 the Company was notified of rulings issued by the National Tax Court reducing partially the assessments made by the AFIP for the fiscal years 1997, 1998 and 1999, respectively. The ruling was appealed both by the Company and the AFIP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 6pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=windowtext face="times new roman">Based on the above, the Company recognized a provision amounting to USD 1.7 million as of June 30, 2013 as management considers there could be a potential cash outflow. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman">(ii) Companhia Sider&#250;rgica Nacional (CSN) &#8211; Lawsuit</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Companhia Sider&#250;rgica Nacional (CSN) and various entities affiliated with CSN filed a lawsuit in Brazil against Ternium Investments S.&#224; r.l., its subsidiary Siderar, and Confab Industrial S.A. (Confab), a Brazilian subsidiary of Tenaris. The entities named in the CSN lawsuit had acquired a participation in Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS (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 minority holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or 28.8 Brazilian reais (BRL), and seeks an order to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging to Usiminas&#8217; control group; Ternium Investments and Siderar&#8217;s respective shares in the offer would be 60.6% and 21.5%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">On March 20, 2013, Ternium Investments, Siderar and Confab filed their response to the CSN lawsuit. On May 8, 2013 the plaintiffs filed a reply (&#8220;r&#233;plica&#8221;), and on June 12, 2013, Confab and other defendants filed their response thereto (&#8220;tr&#233;plica&#8221;). Ternium believes that CSN&#8217;s allegations are groundless and without merit, as confirmed by several opinions of Brazilian counsel and previous decisions by Brazil&#8217;s securities regulator Comiss&#227;o de Valores Mobili&#225;rios, including a February 2012 decision determining that the above mentioned acquisition did not trigger any tender offer requirement. Accordingly, Ternium will defend itself vigorously.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">12.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(iii) Ternium Mexico. SAT &#8211; Income tax claim for fiscal year 2004</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">On January 26, 2012, the Mexican tax authorities notified Ternium Mexico and its subsidiary Acerus S.A. de C.V. of a tax assessment that challenged the value attributed by a predecessor of Acerus to a capital reduction made in 2004 (i.e., prior to the Company&#8217;s investment in Ternium Mexico&#8217;s predecessor Grupo Imsa in 2007) and assessed an income tax deficiency. The tax authorities asserted that the capital reduction should have been valued at a price significantly higher than the value attributed at the time by the shareholder. The proposed assessment represented an amount of MXN 4,300 million (approximately USD 348 million).&nbsp; On April 2, 2012, Ternium Mexico filed an appeal to this assessment before the Mexican tax authorities and reserved the right to further appeal to the tax courts. Following the enactment of a tax amnesty program in Mexico, in May 2013 Ternium Mexico elected to avoid further litigation and settled this claim, without admitting any liability or wrongdoing, through the payment of a total amount of MXN 420 million (approximately USD 34 million). &nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(iv) Siderar </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Siderar entered into a contract with Tenaris, a related company of Ternium, for the supply of steam generated at the power generation facility that Tenaris owns in the compound of the Ramallo facility of Siderar. Under this contract, Tenaris has to provide 250 tn/hour of steam, and Siderar has the obligation to take or pay this volume. The amount of this outsourcing agreement totals USD 73.1 million and is due to terminate in 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Siderar, within the investment plan, has entered into several commitments to acquire new production equipment for a total consideration of USD 84.2 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Siderar assumed fixed commitments for the purchase of raw materials for a total amount of USD 336.6 million to be expended during 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(v) Restrictions on the distribution of profits</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Under Luxembourg law, at least 5% of net income per year calculated in accordance with Luxembourg law and regulations must be allocated to a reserve until such reserve equals 10% of the share capital. At December 31, 2012, this reserve reached the above-mentioned threshold.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">As of December 31, 2012, Ternium may pay dividends up to USD 6.0 billion in accordance with Luxembourg law and regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Shareholders' equity under Luxembourg law and regulations comprises the following captions:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt" width="71%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">As of December 31, 2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="71%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Share capital</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2,004,743</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Legal reserve</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">200,474</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Non distributable reserves </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=ES-AR color=windowtext face="times new roman">(1)&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,414,122</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Accumulated profit at January 1, 2012</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">5,982,630</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Loss for the year</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(7,329)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="71%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="71%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Total shareholders' equity under Luxembourg GAAP</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">9,594,640</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 1cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 45.45pt 0pt 76.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman"> &nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;As a result of the repurchase of its own shares from Usiminas on February 15, 2011, the Company created a non-distributable reserve of USD 150 million as required under Luxembourg law, which is included in Non distributable reserves.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page <STRONG>19</STRONG></FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">13.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">RELATED PARTY TRANSACTIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">As of June 30, 2013, Techint owned 62.02% of the Company&#8217; s share capital and Tenaris held 11.46% of the Company&#8217;s share capital.&nbsp; Each of Techint and Tenaris were controlled by San Faustin S.A., a Luxembourg company (&#8220;San Faustin&#8221;). Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin (&#8220;RP STAK&#8221;), a Dutch private foundation (Stichting), held shares in San Faustin sufficient in number to control San Faustin.&nbsp; No person or group of persons controls RP STAK.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The following transactions were carried out with related parties:</FONT></P>

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<TR style="HEIGHT: 21pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Six-month period ended <BR>June 30, </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="62%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="62%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(i) Transactions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">(a) Sales of goods and services </FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Sales of goods to non-consolidated parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">117</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Sales of goods to other related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">103,745</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">102,645</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

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   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Sales of services and others to non-consolidated parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">627</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">82</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Sales of services and others to other related parties</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">950</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">314</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">105,34<FONT style="FONT-SIZE: 9pt" face="Times New Roman">5</FONT></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">103,<FONT style="FONT-SIZE: 9pt" face="Times New Roman">158</FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">(b) Purchases of goods and services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Purchases of goods from non-consolidated parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">80,744</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">53,814</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Purchases of goods from other related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">61,181</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">31,398</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Purchases of services and others from non-consolidated parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,901</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">21,096</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Purchases of services and others from other related parties</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">125,413</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">99,644</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">272,2<FONT style="FONT-SIZE: 9pt" face="Times New Roman">39</FONT></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">205,95<FONT style="FONT-SIZE: 9pt" face="Times New Roman">2</FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(c) Financial results</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Expenses with non-consolidated parties</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(263)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(263)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(d) Dividends received</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Dividends received from non-consolidated parties</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,718</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">(e) Other income and expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Income with other related parties</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,350</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="62%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">June 30, 2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">December 31, 2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="62%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(Unaudited)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(ii) Period-end balances</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">(a) Arising from sales/purchases of goods/services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Receivables from non-consolidated parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,439</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,102</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Receivables from other related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">32,010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">24,243</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Advances to suppliers with other related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,293</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">4,321</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Payables to non-consolidated parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(3,186)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(69,746)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Payables to other related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(59,478)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(68,792)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(24,922)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">(108,872)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 12pt" lang=ES-TRAD face="Times New Roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black></FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>20</FONT></B></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black> of </FONT><B><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P></DIV></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 14pt" lang=FR color=black>TERNIUM S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red>Consolidated Condensed Interim Financial Statements as of&nbsp; <BR>June 30, 2013<BR></FONT></FONT><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red>and for the six-month periods ended June 30, 2013 and 2012</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=windowtext><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=windowtext>(All amounts in USD thousands)</FONT></FONT><FONT color=windowtext>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 42.55pt 12pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US color=black face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">14.</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman">FAIR VALUE MEASUREMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">IFRS 13 requires for financial instruments that are measured at fair value, a disclosure of fair value measurements by level. See note 33 of the Consolidated Financial Statements as of December 31, 2012 for definitions of levels of fair values and figures at that date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The following table presents the assets and liabilities that are measured at fair value as of June 30, 2013:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 21.95pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.95pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.95pt; PADDING-TOP: 0cm" vAlign=bottom width="54%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Fair value measurement as of June 30, 2013<BR>(in USD thousands):</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Description</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Level 1</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Level 2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">Financial assets at fair value through profit or loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">346,525 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">324,493 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">22,032 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Other investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">82,460 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">60,489 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">21,971 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,594 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">1,594 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">Total assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">430,579 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">384,982 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="times new roman">45,597 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>Page </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black></FONT><B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>21 </FONT></B></B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>of </FONT><B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black>21</FONT></B></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Pablo Brizzio</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Chief Financial Officer</FONT></P></DIV>

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