<SEC-DOCUMENT>0001292814-17-001906.txt : 20170802
<SEC-HEADER>0001292814-17-001906.hdr.sgml : 20170802
<ACCEPTANCE-DATETIME>20170802060915
ACCESSION NUMBER:		0001292814-17-001906
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170630
FILED AS OF DATE:		20170802
DATE AS OF CHANGE:		20170802

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:		17998233

	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>terniumfs2q17_6k.htm
<DESCRIPTION>FS 2Q17
<TEXT>

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

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

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

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

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

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

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

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

<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="times new roman">As of 8/1/2017</FONT></B></P>

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 13pt" lang=FR face="Times New Roman">Ternium S.A.<BR></FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=FR face="Times New Roman">29 Avenue de la Porte-Neuve &#8211; 3rd floor</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">L-2227 Luxembourg </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(352) 2668-3152 </FONT></B></P>

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

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

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

<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; TEXT-INDENT: 21.3pt; MARGIN: 0in 2.45pt 0pt 0in" align=center><FONT style="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; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

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

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

<P style="LINE-HEIGHT: normal; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 0pt"><FONT style="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; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face="times new roman"></FONT>&nbsp;</P>

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

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

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

<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 0pt" align=center><FONT style="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; LINE-HEIGHT: normal; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="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: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">This report contains Ternium S.A.&#8217;s consolidated financial statements as of June 30, 2017.</FONT></P>

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

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

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

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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>

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

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

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

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

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

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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; Title: Chief Executive Officer</FONT></P>

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

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

<P style="MARGIN: 0in 42.55pt 12pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Dated: August 1, 2017 </FONT>


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   <IMG id=Picture1 alt="Description: Logo Ternium Mexico" src="x17080118235200.jpg" width=196 height=73>&nbsp;</P>

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

   <P style="MARGIN: 0in 0in 0in 42.15pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#ff3300 face=TradeGothic>Consolidated Condensed Interim Financial Statements </FONT></B></P>

   <P style="MARGIN: 0in 0in 0in 42.15pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#ff3300 face=TradeGothic>as of June 30, 2017</FONT></B></P>

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

   <P style="MARGIN: 0in 0in 0in 42.15pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#ff3300 face=TradeGothic>ended on June 30, 2017 and 2016</FONT></B></P>

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

   <P style="MARGIN: 0in 0in 0in 42.15pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">L &#8211; 2227</FONT></P>

   <P style="MARGIN: 0in 0in 0in 42.15pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">R.C.S. Luxembourg: B 98 668</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Consolidated Condensed Interim Income Statements</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">2</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">3</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">4</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">5</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">7</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt"></FONT>&nbsp;</P></TD></TR>

<TR>

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

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

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">8</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Accounting policies</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">9</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Segment information</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">10</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Cost of sales</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">12</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Selling, general and administrative expenses</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">13</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Finance expense, Finance income and Other financial income (expenses), net</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">13</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Property, plant and equipment, net</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">13</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Intangible assets, net</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">14</FONT></P></TD></TR>

<TR>

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

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

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">14</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Finance leases</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">17</FONT></P></TD></TR>

<TR>

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

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

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">17</FONT></P></TD></TR>

<TR>

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

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

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">18</FONT></P></TD></TR>

<TR>

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 20.9pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt">Agreement for the acquisition of CSA Sider&#250;rgica do Atl&#226;ntico Ltda.</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">22</FONT></P></TD></TR>

<TR>

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

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

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">22</FONT></P></TD></TR>

<TR>

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

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

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

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face="sabon mt">24</FONT></P></TD></TR>

<TR>

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

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

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

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

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

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT face=tradegothic><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT face=tradegothic><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT></FONT><B><FONT><FONT face=tradegothic><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>1</FONT></B></FONT></FONT></B><B><FONT><FONT face=tradegothic><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></FONT></B><FONT face=tradegothic><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT><FONT lang=FR style="FONT-SIZE: 15pt" color=black face=TradeGothic></FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 15pt" color=black face=TradeGothic></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017 </FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT></P>

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face=TradeGothic></FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face=TradeGothic></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

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

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<TR style="HEIGHT: 26.25pt">

   <TD style="HEIGHT: 26.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 26.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" colSpan=3>

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

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

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" colSpan=3>

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

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Notes </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" colSpan=3>

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,262,647</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,862,841</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,302,728</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,518,343</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3 &amp; 4 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,668,168)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,389,727)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(3,164,603)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(2,676,536)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">594,479</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">473,114</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,138,125</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">841,807</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3 &amp; 5 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(189,048)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(180,020)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(361,323)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(344,036)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(12,609)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">420</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(19,829)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,901)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">392,822</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">293,514</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">756,973</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">495,870</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Finance expense</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(24,101)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(23,870)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(45,483)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(36,526)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Finance income</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,500</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,097</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,095</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,116</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other financial income (expenses), net </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(47,472)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">19,587</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(70,623)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,381</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">15,163</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,884</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">36,573</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,326</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Profit before income tax expense</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">340,912</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">298,212</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">686,535</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">481,167</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(59,123)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(123,959)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(94,357)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(183,332)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">281,789</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">174,253</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">592,178</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">297,835</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Attributable to:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Owners of the parent</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">249,705</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">153,982</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">511,040</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">248,371</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">32,084</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">20,271</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">81,138</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">49,464</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">281,789</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">174,253</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">592,178</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">297,835</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

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

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

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

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

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

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

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">0.13</FONT></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">0.08</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">0.26</FONT></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">0.13</FONT></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 15pt" color=#ff3300 face="sabon mt"></FONT></B></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="sabon mt">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, 2016.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT face=tradegothic><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT></FONT><B><FONT><FONT face=tradegothic><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>2</FONT></B></FONT></FONT></B><B><FONT><FONT face=tradegothic><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></FONT></B><FONT face=tradegothic><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 42.55pt 12pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 11pt" color=#000000 face="Sabon MT"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=#ff0000><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#ff0000 face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017 </FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=#ff0000><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#ff0000 face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=#000000><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=TradeGothic>(All amounts in USD thousands)</FONT></FONT></P></TD></TR>

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

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

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<TR style="HEIGHT: 21.95pt">

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

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   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2016</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%">&nbsp;</TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%" colSpan=3>

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

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

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">281,789 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">174,253 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">592,178 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">297,835 </FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

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

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(46,236)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(15,835)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(23,189)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(104,242)</FONT></P></TD></TR>

<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

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

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(19,504)</FONT></P></TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">60,827</FONT></P></TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(7,641)</FONT></P></TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">60,556</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">39,407</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(261)</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">39,040</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,486)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">54</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">79</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">43</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">446</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other comprehensive income items</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(3)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">72</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">-</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other comprehensive income items from participation in non-consolidated companies</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">150</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">461</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">265</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">740</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Items that will not be reclassified subsequently to profit or loss:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Remeasurement of post employment benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(811)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(251)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,310)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(275)</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Remeasurement of post employment benefit obligations from participation in non-consolidated companies</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(198)</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,831)</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,181</FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(3,456)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

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

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

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

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

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

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other comprehensive income (loss) for the period, net of tax</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(27,141)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">43,189</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">13,461</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(47,717)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.95pt">

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

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

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

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

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

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

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

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

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total comprehensive income for the period </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">254,648</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">217,442</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">605,639</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">250,118</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

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

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

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

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

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

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Attributable to:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Owners of the parent</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">242,026</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">199,215</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">533,768</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">237,544</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">12,622</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">18,227</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">71,871</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">12,574</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

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

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

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

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

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

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total comprehensive income for the period </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">254,648</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">217,442</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">605,639</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">250,118</FONT></B></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 7.05pt 3pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="sabon mt">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, 2016.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>3</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017 </FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=windowtext><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=TradeGothic>(All amounts in USD thousands)</FONT></FONT><FONT color=red></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face=TradeGothic></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 15pt" color=#ff3300 face=TradeGothic>Consolidated Condensed Interim Statements of Financial Position</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Balances as of</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Notes</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">June 30, 2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">December 31, 2016</FONT></B></P></TD></TR>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">ASSETS</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%" colSpan=3>&nbsp;</TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-current assets</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">&nbsp;&nbsp;</FONT></B></P></TD>

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   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Property, plant and equipment, net</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,160,215</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,135,977</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Intangible assets, net</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">8</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">831,892</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">842,557</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Investments in non-consolidated companies</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">453,764</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">418,379</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other investments</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,879</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,998</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Deferred tax assets</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">111,487</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">85,795</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Receivables, net</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">142,859</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">132,580</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Trade receivables, net</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">919</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,707,015</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,270</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,622,556</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Receivables, net</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">112,049</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">79,820</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">39,499</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">316</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Inventories, net</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,963,622</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,647,869</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Trade receivables, net</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">932,206</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">633,745</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other investments</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">153,156</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">144,853</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">178,338</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,378,870</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">183,463</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,690,066</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-current assets classified as held for sale</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,673</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">10,248</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,388,543</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,700,314</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,095,558</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">8,322,870</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">EQUITY </FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Capital and reserves attributable to the owners of the parent</FONT></P></TD>

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

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

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

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

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,728,758</FONT></P></TD>

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

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

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

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,391,298</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">816,593</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">775,295</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total Equity </FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,545,351</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,166,593</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Provisions</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,312</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,950</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Deferred tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">481,519</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">609,004</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">353,320</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">302,784</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Trade payables </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,477</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,305</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Finance lease liabilities</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">10</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">66,510</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">291,405</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,205,543</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">396,742</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,324,785</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Current income tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">48,493</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">178,112</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other liabilities </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">265,370</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">228,081</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Trade payables </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">768,070</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">603,119</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,416</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">287</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Finance lease liabilities</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">10</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,675</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Borrowings </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,246,640</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,344,664</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">821,893</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,831,492</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total Liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,550,207</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,156,277</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total Equity and Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,095,558</FONT></B></P></TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 9.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">8,322,870</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="sabon mt"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 7.05pt 3pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="sabon mt">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, 2016.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>4</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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<TR style="HEIGHT: 0.25in; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 8pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 8pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT></P>

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

   <TD style="HEIGHT: 39pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 15pt" color=#ff3300 face=TradeGothic>Consolidated Condensed Interim Statements of Changes in Equity</FONT></B></P>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT"></FONT>&nbsp;</DIV>

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<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Attributable to the owners of the parent (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 17.1pt">

   <TD style="HEIGHT: 17.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Capital stock (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Treasury shares <BR>(2)</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Initial public offering expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Reserves<BR>(3) </FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Capital stock issue discount (4)</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Currency translation adjustment</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Retained earnings</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Total</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Total Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.1pt"></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Balance as of January 1, 2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">2,004,743</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(150,000)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(23,295)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">1,420,171</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(2,324,866)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(2,336,929)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">5,801,474</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">4,391,298</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">775,295</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">5,166,593</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Profit for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">511,040</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">511,040</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">81,138</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">592,178</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Other comprehensive income (loss) for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(21,217)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(21,217)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(9,613)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(30,830)</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Remeasurement of post employment benefit obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">4,523</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">4,523</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">348</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">4,871</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Cash flow hedges and others, net of tax</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">39,132</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">39,132</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(49)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">39,083</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Others</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">290</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">290</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">47</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">337</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Total comprehensive income for the period</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">43,945</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(21,217)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">511,040</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">533,768</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">71,871</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">605,639</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.95pt">

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Dividends paid in cash (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(196,308)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(196,308)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(196,308)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Dividends paid in cash to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(30,573)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(30,573)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Balance as of June 30, 2017 (unaudited)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">2,004,743</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(150,000)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(23,295)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">1,464,116</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(2,324,866)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(2,358,146)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">6,116,206</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">4,728,758</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">816,593</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">5,545,351</FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 2pt" color=#ff3300 face=TradeGothic></FONT></B></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 6pt" face="sabon mt"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">(1) Shareholders&#8217; equity determined in accordance with accounting principles generally accepted in Luxembourg is disclosed in Note 12 (iii). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">(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, 2017, there were 2,004,743,442 shares issued. All issued shares are fully paid. Also, as of June 30, 2017, the Company held 41,666,666 shares as treasury shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">(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 39.1 million and reserves related to the acquisition of non-controlling interest in subsidiaries for USD (88.5) million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">(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: 0in 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">(5) See note 11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.4pt 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.4pt 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">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 condensed interim financial statements may not be wholly distributable. See Note 12 (iii).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.4pt 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">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, 2016.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>5</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 8pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT></P>

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

   <TD style="HEIGHT: 39pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">

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

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 15pt" color=#ff3300 face=TradeGothic>Consolidated Condensed Interim Statements of Changes in Equity</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Attributable to the owners of the parent (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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   <TD style="HEIGHT: 17.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Capital stock (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Treasury shares <BR>(2)</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Initial public offering expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Reserves (3) </FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Capital stock issue discount (4)</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Currency translation adjustment</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Retained earnings</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Total</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 17.1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Total Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.1pt"></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Balance as of January 1, 2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">2,004,743</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(150,000)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(23,295)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">1,444,394</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(2,324,866)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(2,300,335)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">5,382,507</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">4,033,148</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">769,849</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">4,802,997</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Profit for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">248,371</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">248,371</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">49,464</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">297,835</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Other comprehensive (loss) income for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(7,520)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(7,520)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(36,166)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(43,686)</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Remeasurement of post employment benefit obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(3,465)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(3,465)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(266)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(3,731)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Cash flow hedges, net of tax</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(530)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(530)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(510)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(1,040)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Others</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">688</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">688</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">52</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">740</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Total comprehensive income (loss) for the period</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(3,307)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(7,520)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">248,371</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">237,544</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">12,574</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">250,118</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Dividends paid in cash</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(176,677)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(176,677)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(176,677)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Dividends paid in cash to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(50,829)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(50,829)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">Balance as of June 30, 2016 (unaudited)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">2,004,743</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(150,000)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(23,295)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">1,441,087</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(2,324,866)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">(2,307,855)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">5,454,201</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">4,094,015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">731,594</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=#000000 face="Sabon MT">4,825,609</FONT></B></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0in; LINE-HEIGHT: normal"><B><FONT lang=ES style="FONT-SIZE: 9pt" face="sabon mt"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">(1) Shareholders&#8217; equity determined in accordance with accounting principles generally accepted in Luxembourg is disclosed in Note 12 (iii). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">(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, 2016, there were 2,004,743,442 shares issued. All issued shares are fully paid. Also, as of June 30, 2016, the Company held 41,666,666 shares as treasury shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">(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 (1.4) million and reserves related to the acquisition of non-controlling interest in subsidiaries for USD (88.5) million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">(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: 0in 5.4pt 3pt 0in; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 3pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.4pt 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">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 condensed interim financial statements may not be wholly distributable. See Note 12 (iii).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.4pt 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt">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, 2016.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>6</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=windowtext><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=TradeGothic>(All amounts in USD thousands)</FONT></FONT><FONT color=red></FONT></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Notes</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cash flows from operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Profit for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">592,178</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">297,835</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Adjustments for:</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Depreciation and amortization </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7 &amp; 8</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">205,637</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">199,922</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Income tax accruals less payments </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(309,586)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">54,623</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Equity in earnings of non-consolidated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(36,573)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(7,326)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Interest accruals less payments </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,984</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,862</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Changes in provisions</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,305</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,715</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Changes in working capital (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(458,502)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">47,050</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net foreign exchange results and others </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">110,015</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">476</FONT></P></TD></TR>

<TR style="HEIGHT: 2.25pt">

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net cash provided by operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">106,458</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">601,157</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cash flows from investing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Capital expenditures </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7 &amp; 8</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(182,490)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(230,175)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Investment in non-consolidated companies - Usiminas</FONT></P></TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9</FONT></B></P></TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

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

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(114,449)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Loans to non-consolidated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(23,904)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(52,032)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(Increase) Decrease in other investments</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(8,184)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">34,081</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Proceeds from the sale of property, plant and equipment </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">358</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">480</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Dividends received from non-consolidated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">65</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">121</FONT></P></TD></TR>

<TR style="HEIGHT: 2.25pt">

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net cash used in investing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(214,155)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(361,974)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cash flows from financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Dividends paid in cash to company&#8217;s shareholders</FONT></P></TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">11</FONT></B></P></TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(196,308)</FONT></P></TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(176,677)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Dividends paid in cash to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(30,573)</FONT></P></TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(50,829)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Finance lease payments</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">10</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,083)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Proceeds from borrowings</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">858,374</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">610,500</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Repayments of borrowings</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(527,251)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(592,520)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net cash provided by (used in) financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">103,159</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(209,526)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(Decrease) Increase in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(4,538)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">29,657</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Movement in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">At January 1, </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">183,463</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">151,491</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Effect of exchange rate changes</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(587)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(2,218)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(Decrease) Increase in cash and cash equivalents</FONT></P></TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(4,538)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">29,657</FONT></P></TD></TR>

<TR style="HEIGHT: 2.25pt">

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   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cash and cash equivalents as of June 30, (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">178,338</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">178,930</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

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<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-cash transactions:</FONT></B></P></TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Acquisition of PP&amp;E under lease contract agreeements</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">10</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">76,185</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 4.05pt 0pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="sabon mt"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="sabon mt"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="sabon mt">(1) The working capital is impacted by non-cash movement of USD (21.4) million as of June 30, 2017 (USD (45.1) million as of June 30, 2016) due to the variations in the exchange rates used by subsidiaries with functional currencies different from the US dollar.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="sabon mt">(2) &nbsp;It includes restricted cash of USD 81 and USD 85 as of June 30, 2017 and 2016, respectively. In addition , the Company had other investments with a maturity of more than three months for USD 159,035 and USD 203,110 as of June 30, 2017 and 2016, respectively.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face="sabon mt"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face="sabon mt">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, 2016.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>7</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 7.05pt 3pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 15pt" color=#ff3300 face=TradeGothic>Notes to the Consolidated Condensed Interim Financial Statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tradegothic>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tradegothic>GENERAL INFORMATION AND BASIS OF PRESENTATION </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">&nbsp;General information and basis of presentation</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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, 2017, 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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. 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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 USD 4.0 billion. However, for the purpose of these consolidated condensed interim 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: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tradegothic>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tradegothic>GENERAL INFORMATION AND BASIS OF PRESENTATION (continued)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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, 2016 and 2015, this special reserve amounted to USD 6.9 billion and USD 7.1 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Certain comparative amounts have been reclassified to conform to changes in presentation in the current period. These reclassifications do not have a material effect on the Company&#8217;s condensed interim consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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. The main assumptions and estimates were disclosed in the Consolidated Financial Statements for the year ended December 31, 2016, without significant changes since its publication.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Material intercompany transactions and balances have been eliminated in consolidation. However, the fact that the functional currency of the Company&#8217;s subsidiaries differs, results in the generation of foreign exchange gains and losses that are included in the Consolidated Condensed Interim Income Statement under &#8220;Other financial income (expenses), net&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">These Consolidated Condensed Interim Financial Statements have been approved for issue by the Board of Directors of Ternium on August 1, 2017.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tradegothic>2.&nbsp; &nbsp;&nbsp;&nbsp;ACCOUNTING POLICIES</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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, 2016, which have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and in conformity with International Financial Reporting Standards as adopted by the European Union (&#8220;EU&#8221;). Recently issued accounting pronouncements were applied by the Company as from their respective dates.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tradegothic>2.&nbsp; &nbsp;&nbsp;&nbsp;ACCOUNTING POLICIES (continued)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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, 2016. Given that the Company has entered into a new leasing agreement that qualifies as finance leasing (see note 10), and the related accounting policy was not disclosed in the Consolidated Financial Statements as of December 31, 2016, as the Company did not have any financial leasing at such date, the accounting policy is detailed below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Finance leases</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Leases of property, plant and equipment where the Company, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the lease&#8217;s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in other short-term and long-term payables. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset&#8217;s useful life or over the shorter of the asset&#8217;s useful life and the lease term if there is no reasonable certainty that the Company will obtain ownership at the end of the lease term. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">None of the accounting pronouncements issued after December 31, 2016, and as of the date of these Consolidated Condensed Interim Financial Statements have a material effect on the Company&#8217;s financial condition or result or operations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>SEGMENT INFORMATION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tradegothic>REPORTABLE OPERATING SEGMENTS</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">The Company is organized in two reportable segments: Steel and Mining.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=red face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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 and 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.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>10</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>SEGMENT INFORMATION (continued)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 2pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">- 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">- 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">- Other timing and non-significant differences.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 4pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Most information on segment assets is not disclosed as it is not reviewed by the CODM (CEO).</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Six-month period ended June 30, 2017 (Unaudited)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Steel</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Mining</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Inter-segment eliminations</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">IFRS</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,302,716</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">118,165</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(118,153)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,302,728</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cost of sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(3,179,513)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(*)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(102,326)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">117,236</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(3,164,603)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,123,203</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">15,839</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(917)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,138,125</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Selling, general and administrative expenses </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(356,077)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(5,246)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(361,323)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other operating income, net </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(20,145)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">316</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(19,829)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Operating income - IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">746,981</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">10,909</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(917)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">756,973</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Management view</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net sales</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,302,716</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">132,002</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(131,990)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,302,728</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Operating income</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">476,541</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">25,996</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,081</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">505,618</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Reconciliation items:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Differences in Cost of sales</FONT></P></TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">251,355</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Operating income - IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">756,973</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Financial income (expense), net</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(107,011)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Equity in earnings of non-consolidated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">36,573</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Income before income tax expense - IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">686,535</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Depreciation and amortization - IFRS</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(182,378)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(23,259)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(205,637)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="66%" colSpan=4 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(*) Includes a USD 14.5 million gain in connection with the sale of unused contracted energy.</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

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

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

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

<TR style="HEIGHT: 2.1pt">

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   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="65%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Six-month period ended June 30, 2016 (Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Steel</FONT></B></P></TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Mining</FONT></B></P></TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Inter-segment eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net sales</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,517,234</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">92,250</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(91,141)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,518,343</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cost of sales</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(2,672,381)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(95,767)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">91,612</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(2,676,536)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">844,853</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(3,517)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">471</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">841,807</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Selling, general and administrative expenses </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(338,289)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(5,747)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(344,036)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other operating income, net </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(820)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,081)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,901)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Operating income - IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">505,744</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(10,345)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">471</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">495,870</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Management view</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net sales</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,517,234</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">96,525</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(95,416)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,518,343</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Operating income</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">484,576</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(3,760)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,943</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">482,759</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Reconciliation items:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 2.1pt">

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   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Differences in Cost of sales</FONT></P></TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">13,111</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

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   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Operating income - IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">495,870</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

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   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Financial income (expense), net</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(22,029)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Equity in losses of non-consolidated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,326</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Income before income tax expense - IFRS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">481,167</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Depreciation and amortization - IFRS</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(177,825)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(22,097)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(199,922)</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>11</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="3%">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=tradegothic>3.&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION (continued)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tradegothic></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tradegothic>GEOGRAPHICAL INFORMATION</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="68%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Six-month period ended June 30, 2017 (Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Mexico</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Southern region</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other markets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net sales </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,732,303</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,075,600</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">494,825</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,302,728</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-current assets (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,056,941</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">704,473</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">230,693</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,992,107</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="68%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Six-month period ended June 30, 2016 (Unaudited)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Mexico</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Southern region</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other markets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net sales </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,183,368</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">916,070</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">418,905</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,518,343</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-current assets (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,153,864</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">626,302</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">241,232</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,021,398</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face="Sabon MT">(1) Includes Property, plant and equipment and Intangible assets.</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>&nbsp;COST OF SALES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" colSpan=3>

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

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Inventories at the beginning of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,647,869</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,579,120</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Translation differences</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(27,259)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(57,912)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Plus: Charges for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Raw materials and consumables used and other movements</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,767,834</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,807,753</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Services and fees</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">44,262</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">39,979</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Labor cost</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">299,417</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">260,099</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Depreciation of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">160,896</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">155,424</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Amortization of intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">20,374</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">18,622</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Maintenance expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">205,420</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">220,856</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Office expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,282</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,673</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,096</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,364</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Change of obsolescence allowance</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,428</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,806</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Recovery from sales of scrap and by-products</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(13,360)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(9,870)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Others</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">12,966</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">12,843</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="62%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Less: Inventories at the end of the period</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,963,622)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,362,221)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cost of Sales</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,164,603</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,676,536</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=ES style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<a name="_bclFooter15"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>12</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" 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_16"></A>

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<a name="_bclHeader16"></a><DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 0.25in; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="84%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 28.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="84%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Services and fees</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">39,506</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">29,126</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Labor cost</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">108,303</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">94,442</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Depreciation of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,720</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,839</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Amortization of intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">18,647</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">19,037</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Maintenance and expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,502</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,692</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">42,427</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">49,378</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Office expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">17,003</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">18,742</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Freight and transportation</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">121,194</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">117,253</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Increase (decrease) of allowance for doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(280)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">826</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Others</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,301</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,701</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Selling, general and administrative expenses &nbsp;</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">361,323</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">344,036</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=ES style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=ES style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>FINANCE EXPENSE, FINANCE INCOME AND OTHER FINANCIAL INCOME (EXPENSES) , NET</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Interest expense</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(45,483)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(36,526)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Finance expense</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(45,483)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(36,526)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Interest income</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,095</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,116</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Finance income</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,095</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,116</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net foreign exchange gain (loss) </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(79,183)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">681</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Change in fair value of financial assets</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(454)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,064</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Derivative contract results</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,986</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">896</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Others</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(972)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,260)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other financial income (expenses), net </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(70,623)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,381</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=ES style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=ES style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>PROPERTY, PLANT AND EQUIPMENT, NET</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=tradegothic></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">At the beginning of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,135,977</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,207,566</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Currency translation differences</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(32,301)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(91,375)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">245,580</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">218,063</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Disposals</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(22,321)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(8,990)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Depreciation charge</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(166,616)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(162,263)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Transfers and reclassifications</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(104)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(3,345)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">At the end of the period</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,160,215</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,159,656</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic></FONT></B>&nbsp;</P>

<a name="_bclFooter16"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>13</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" 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_17"></A>

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 0.25in">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="84%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT><FONT style="FONT-SIZE: 14pt" lang=FR color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=right><FONT face="times new roman"><FONT style="FONT-SIZE: 14pt" lang=FR color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT face="times new roman"><FONT style="FONT-SIZE: 14pt" lang=FR color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT face="times new roman"><FONT style="FONT-SIZE: 14pt" lang=FR color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 28.9pt">

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   <P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT color=red><FONT style="FONT-SIZE: 11pt" lang=EN-US color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 28.9pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=right><FONT face="times new roman"><FONT style="FONT-SIZE: 15pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 28.9pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT face="times new roman"><FONT style="FONT-SIZE: 15pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 28.9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT face="times new roman"><FONT style="FONT-SIZE: 15pt" lang=EN-US color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=tradegothic>8.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=tradegothic>INTANGIBLE ASSETS, NET</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=windowtext face=tradegothic></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 21.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.95pt; PADDING-TOP: 0in" vAlign=bottom width="61%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.95pt; PADDING-TOP: 0in" vAlign=bottom width="39%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=top width="61%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=top width="61%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="39%" colSpan=3>

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

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="61%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face="Sabon MT">At the beginning of the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">842,557</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">888,206</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=bottom width="61%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="61%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Currency translation differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">(457)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">(917)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="61%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Additions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">28,813</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">12,112</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="61%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Amortization charge</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">(39,021)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">(37,659)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="61%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face="Sabon MT">At the end of the period</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">831,892</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">861,742</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT style="FONT-SIZE: 11pt" lang=ES face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=tradegothic>9.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=tradegothic>INVESTMENTS IN NON-CONSOLIDATED COMPANIES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face="sabon mt"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.1pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="23%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Company</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Country of incorporation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="16%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Main activity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Voting rights as of</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Value as of</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">June 30, 2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">December 31, 2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">June 30, 2017</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Brazil</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face="Sabon MT">Manufacturing and selling of steel products</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">34.39%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">34.39%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">447,154</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">411,134</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">Other non-consolidated companies (1)</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=top width="3%">&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=top width="9%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">6,610</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=top width="3%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">7,245</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">453,764</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES-AR color=windowtext face="Sabon MT">418,379</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="sabon mt">&nbsp;(1) </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="sabon mt">It includes the investments held in Techgen S.A. de C.V., Finma S.A.I.F., Arhsa S.A., Techinst S.A., Recrotek&nbsp; S.R.L. de C.V. and Gas Industrial de Monterrey S.A. de C.V.</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=windowtext face="Sabon MT">(a) </FONT><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=windowtext face="Sabon MT">Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="sabon mt">On January 16, 2012, the Company&#8217;s wholly-owned Luxembourg subsidiary Ternium Investments S.&#224; r.l. (&#8220;Ternium Investments&#8221;), together with the Company&#8217;s Argentine majority-owned subsidiary Siderar S.A.I.C. (&#8220;Siderar&#8221;), Siderar&#8217;s wholly-owned Uruguayan subsidiary Prosid Investments S.A. (&#8220;Prosid&#8221;), 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. The rights and obligations of the control group members are governed by a shareholders&#8217; agreement. As a result of these transactions, the control group, which holds ordinary shares representing the majority of Usiminas&#8217; voting rights, is formed as follows: Nippon Steel &amp; Sumitomo Metal Corporation Group (&#8220;NSSMC&#8221;, formerly Nippon Group), with 46.1% of the voting rights within the control group; T/T Group (comprising TenarisConfab, Prosid, Siderar and Ternium Investments), with 43.3%; and Previd&#234;ncia Usiminas (Usiminas&#8217; employee pension fund), with the remainder 10.6%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="sabon mt">On October 2, 2014, Ternium Investments entered into a purchase agreement with Caixa de Previd&#234;ncia dos Funcion&#225;rios do Banco do Brasil &#8211; PREVI for the acquisition of 51.4 million ordinary shares of Usiminas at a price of BRL 12 per share, for a total amount of BRL 616.7 million. On October 30, 2014, Ternium Investments completed the acquisition. These additional shares are not subject to the Usiminas shareholders agreement, but must be voted in accordance with the control group decisions.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 42.55pt 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="sabon mt">On April 20, 2016, Ternium (through Ternium Investments, Siderar and Prosid) subscribed, in the aggregate, to 8.5 million preferred shares for a total subscription price of BRL 10.9 million (approximately USD 3.1 million). These preferred shares were issued on June 3, 2016.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0in 0in 12pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=tradegothic>14</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=tradegothic> of </FONT><B><FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=tradegothic>9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS IN NON-CONSOLIDATED COMPANIES (continued)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><SUB><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face="Sabon MT"></FONT></SUB>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="sabon mt">On April 18, 2016, Usiminas&#8217; extraordinary general shareholders&#8217; meeting approved an issuance of 200 million ordinary shares for an aggregate amount of BRL 1 billion and Usiminas launched a multi-round subscription process. On July 19, 2016, following the completion of the subscription process, Usiminas&#8217; extraordinary general shareholders&#8217; meeting homologated the capital increase, and Ternium (through Ternium Investments, Siderar and Prosid) was issued, in the aggregate, 76.4 million ordinary shares for a total subscription price of BRL 382.2 million (approximately USD 110.9 million). Following the issuance of these ordinary shares, Ternium (through Ternium Investments, Siderar and Prosid) owns a total of 242.6 million ordinary shares and 8.5 million preferred shares, representing 20.5% of Usiminas&#8217; capital, and the T/T Group owns 39.6% of Usiminas&#8217; ordinary shares and 1.8% of Usiminas&#8217; preferred shares. Ternium continues to hold 35.6% of Usiminas&#8217; voting rights within the control group and has a participation in Usiminas&#8217; results of 20.5%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="sabon mt">As of June 30, 2017, the closing price of the Usiminas ordinary and preferred shares, as quoted on the BM&amp;F Bovespa Stock Exchange, was BRL 8,83 (approximately USD 2,67) per ordinary share and BRL 4,60 (approximately USD 1,39) per preferred share, respectively. Accordingly, as of June 30, 2017, Ternium&#8217;s ownership stake had a market value of approximately USD 659.3 million and a carrying value of USD 447.2 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT">The Company reviews periodically the recoverability of its investment in Usiminas. To determine the recoverable value, the Company estimates the value in use of the investment by calculating the present value of the expected cash flows or its fair value less costs of disposal. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT">Management expects that Usiminas financial restructuring process (that started in April 2016 with the capital increase) will be completed in the next months. The completion of this process together with the improvement in the share price since June 2016 may lead to an improvement in the value of the investment in Usiminas in future periods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">As of June 30, 2017, the value of the investment in Usiminas is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=tradegothic></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Value of investment</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">USIMINAS</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">As of January 1, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">411,134</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Share of results (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">37,385</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,365)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">As of June 30, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">447,154</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face="Sabon MT">(1) It includes the adjustment of the values associated to the purchase price allocation.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT">The investment in Usiminas is based in the following calculation: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Usiminas' shareholders' equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,183,772</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Percentage of interest of the Company over shareholders' equity</FONT></P></TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">20.47%</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Interest of the Company over shareholders' equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">856,185</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Purchase price allocation</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">78,561</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Goodwill</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">314,199</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Impairment</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(801,791)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total Investment in Usiminas</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">447,154</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=ES-AR style="FONT-SIZE: 11pt" color=black face="Sabon MT"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=ES-AR style="FONT-SIZE: 11pt" color=black face="Sabon MT"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>15</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tradegothic>9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=tradegothic>INVESTMENTS IN NON-CONSOLIDATED COMPANIES (continued)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">On July 27, 2017, Usiminas approved its consolidated interim accounts as of and for the six-month period ended June 30, 2017, which state that revenues, net profit from continuing operations and shareholders&#8217; equity amounted to USD 1,555 million, USD 90 million and USD 4,183 million, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face=tradegothic></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">USIMINAS</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Summarized balance sheet (in million USD)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">As of June 30, 2017</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-current</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,838</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Current</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,436</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other current investments</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">274</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">316</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,864</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-current</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">651</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non-current borrowings</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,908</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Current</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">502</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Current borrowings</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">188</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,249</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Minority interest</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">432</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Shareholders' equity</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,183</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

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   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">USIMINAS</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Summarized income statement (in million USD)</FONT></B></P></TD>

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   <TD style="HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Six-month period <BR>ended June 30, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net sales</FONT></P></TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,555</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cost of sales</FONT></P></TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(1,282)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">273</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(97)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other operating income, net</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">174</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Financial expenses, net</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(71)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Equity in earnings of associated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">17</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Profit before income tax</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">120</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Income tax expense</FONT></P></TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(30)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net profit before minority interest</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">90</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Minority interest in other subsidiaries</FONT></P></TD>

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   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(25)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Net profit for the period</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">65</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">(b)</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT"> Techgen S.A. de C.V.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Techgen is a Mexican natural gas-fired combined cycle electric power plant in the Pesquer&#237;a area of the State of Nuevo Le&#243;n, Mexico. The company started producing energy on December 1st, 2016 and is fully operational. As of February 2017, Ternium, Tenaris, and Tecpetrol International S.A. (a wholly-owned subsidiary of San Faustin S.A., the controlling shareholder of both Ternium and Tenaris) completed their investments in Techgen. Techgen is currently owned 48% by Ternium, 30% by Tecpetrol and 22% by Tenaris. Ternium and Tenaris also agreed to enter into power supply and transportation agreements with Techgen, pursuant to which Ternium and Tenaris will contract 78% and 22%, respectively, of Techgen&#8217;s power capacity of 900 megawatts. During 2016 and 2017, Techgen&#8217;s shareholders made additional investments in Techgen, in the form of subordinated loans, which in the case of Ternium amounted to USD 127.0 million as of June 30, 2017, and which are due in June 2020.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">For commitments from Ternium in connection with Techgen, see note 12.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>16</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 28.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="84%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>10.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>FINANCE LEASES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">As of June 30, 2017, the Company has a contract that qualifies as financial lease agreement with Air Liquide Argentina S.A., being the object of the lease a plant for the provision of industrial gas located in the Company&#8217;s plant in San Nicolas, Argentina. This contract does not consider a purchase option of the related asset on its expiry date. The total commitment generated a current finance lease liability of USD 9.7 million and a non-current finance lease liability of USD 66.5 million. The total finance lease liability to be paid on expiry of the lease contract amounts to USD 76.2 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">The reconciliation of the minimum future payments and the present value of the contract are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face="sabon mt"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 21.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">As of June 30, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Commitments in relation to finance leases are payable as follows:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Within one year</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,959</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Later than one year but not later than five years</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">31,870</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Later than five years</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">77,684</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Minimum lease payments</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">119,513</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Future finance charges</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(43,328)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total Financial lease liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">76,185</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">The present value of finance lease liabilities is as follows:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Within one year</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">9,675</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Later than one year but not later than five years</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">26,030</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Later than five years</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">40,480</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" noWrap>&nbsp;</TD>

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

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total minimum lease payments</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">76,185</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Property, plant and equipment include a net book value of USD 74.7 million in connection with assets leased to the Company under this finance lease. The duration of the lease contract is 15 years and the amortization period of the related asset is 15 years as well.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>11.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>DISTRIBUTION OF DIVIDENDS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">During the annual shareholders&#8217; meeting held on May 3, 2017, the shareholders approved a distribution of dividends of USD 0.10 per share (USD 1.00 per ADS), or approximately USD 196.3 million in the aggregate. The dividend was paid on May 12, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="sabon mt"></FONT>&nbsp;</P>

<a name="_bclFooter20"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>17</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face="Sabon MT"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">This note should be read in conjunction with Note 24 to the Company&#8217;s audited Consolidated Financial Statements for the year ended December 31, 2016. The main contingencies and commitments are as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.05pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">(i) Tax claims and other contingencies</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">(a) Companhia Sider&#250;rgica Nacional (CSN) &#8211; Tender offer litigation</FONT></I></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">Following a January 2012 acquisition of a significant participation in Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS (Usiminas) by Ternium Investments S.&#224; r.l. (Ternium Investments), its subsidiary Siderar, and Confab Industrial S.A. --a Brazilian subsidiary of Tenaris S.A.--, Companhia Sider&#250;rgica Nacional (CSN) and various entities affiliated with CSN initiated a lawsuit against the acquirers. The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL 28.8, and seeks an order to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging to Usiminas&#8217; control group; Ternium Investments and Siderar&#8217;s respective shares in the offer would be of 60.6% and 21.5%. On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On March 6, 2017, CSN filed a motion for clarification against the decision of the court of appeals, which was rejected on July 19, 2017. CSN may still appeal to the Superior Court of Justice or the Federal Supreme Court. For further information on the CSN lawsuit, see note 24 to Ternium&#8217;s Consolidated Financial Statement for the year ended December 31, 2016.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">Ternium continues to believe that all of CSN's claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities regulator (the Comiss&#227;o de Valores Mobili&#225;rios, or CVM) in February 2012 and December 2016 in connection with the acquisition, and the first and second instance court decisions referred to above. Accordingly, no provision was recorded in these Consolidated Condensed Interim Financial Statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">(b) Shareholder claims relating to the October 2014 acquisition of Usiminas shares</FONT></I></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">On April 14, 2015, the staff of the CVM determined that a second acquisition of ordinary shares of Usiminas by Ternium Investments, completed in October 2014, triggered a requirement under applicable Brazilian laws and regulations for Usiminas&#8217; controlling shareholders to launch a tender offer to all non-controlling holders of Usiminas ordinary shares. The CVM staff&#8217;s determination was made further to a request by Nippon Steel &amp; Sumitomo Metal Corporation (NSSMC) and its affiliates, who alleged that Ternium&#8217;s 2014 acquisition had exceeded a threshold that triggers the tender offer requirement. In the CVM staff&#8217;s view, the 2014 acquisition exceeded the applicable threshold by 5.2 million shares. On April 29, 2015, Ternium filed an appeal to be submitted to the CVM&#8217;s Board of Commissioners. On May 5, 2015, the CVM staff confirmed that the appeal would be submitted to the Board of Commissioners and that the effects of the staff&#8217;s decision would be stayed until such Board rules on the matter. On June 15, 2015, upon an appeal filed by NSSMC, the CVM staff changed its earlier decision and stated that the obligation to launch a tender offer would fall exclusively on Ternium. Ternium&#8217;s appeal has been submitted to the CVM&#8217;s Board of Commissioners and it is currently expected that such Board will rule on the appeal in the second half of 2017. In the event the appeal is not successful, under applicable CVM rules Ternium may elect to sell to third parties the 5.2 million shares allegedly acquired in excess of the threshold, in which case no tender offer would be required.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">(c) Potential Mexican income tax adjustment </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">In March 2015, the Mexican tax authorities, as part of a tax audit to Ternium Mexico with respect to fiscal year 2008, challenged the deduction by Ternium Mexico&#8217;s predecessor IMSA Acero of a tax loss arising from an intercompany sale of shares in December 2008. Although the tax authorities have not yet determined the amount of their claim, they have indicated in a preliminary report that they have observations that may result in an income tax adjustment currently estimated at approximately USD 62.2 million, including interest and fines.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Ternium Mexico requested an injunction from the Mexican courts against the audit observations, and also filed its defense and supporting documents with the Mexican tax authorities. The Company, based on the advice of counsel, believes that an unfavorable outcome in connection with this matter is not probable and, accordingly, no provision has been recorded in its financial statements. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">(d) Tax claim on Argentine personal assets tax for 2008, 2009 and 2010</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">On June 28, 2016, Siderar was notified of a tax assessment by the Argentine tax authorities (AFIP) for allegedly omitted taxes in its capacity as substitute obligor for the personal assets tax for 2008, 2009 and 2010 over the investment held by its shareholder Ternium Espa&#241;a S.L.U. In its assessment, AFIP challenged the availability of the benefits contemplated under the double taxation treaty between Argentina and Spain then in effect and required Siderar to pay taxes and related interest for approximately USD 15.9 million as of such date. On August 4, 2016, Siderar appealed AFIP&#8217;s assessment before the National Tax Court. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">In March 2017, Ternium decided to include this tax assessment in an official fiscal plan, which condoned part of the related interest and the whole amount in connection with fines. The total payment, which also included the principal and interest for the fiscal periods 2011 and 2012, amounted to USD 12.8 million, extinguishing all the liabilities related to this tax claim.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">(ii) Commitments </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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 18.3 million and is due to terminate in 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Siderar also signed various contracts for the provision of natural gas, assuming firm commitments for a total of USD 53.5 million payable during the 2018 financial year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">b) Siderar, within the investment plan, has entered into several commitments to acquire new production equipment for a total consideration of USD 12.2 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">(c) Siderar signed an agreement with Air Liquide Argentina S.A. for the supply of oxygen, nitrogen and argon until 2021, for an aggregate amount of USD 27.7 million, which is due to terminate in 2021.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">(d) On April 24, 2017, Ternium Mexico entered into a 25-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen, S.A. de C.V. for the supply of 699 MW (which represents 78% of Techgen&#8217;s capacity) and covers most of Ternium Mexico&#8217;s facilities electricity needs. Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as Techgen&#8217;s existing or replacing bank facility has been repaid in full), Ternium Mexico has the right to suspend or early terminate the contract if the rate payable under the agreement is higher than the rate charged by Comisi&#243;n Federal de Electricidad (&#8220;CFE&#8221;) or its successors.&nbsp; Ternium Mexico may instruct Techgen to sell to any affiliate of Ternium Mexico, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and Ternium Mexico will benefit from the proceeds of such sale. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">(e) On December 20, 2000, Hylsa (Ternium Mexico&#8217;s predecessor) entered into a 25-year contract with Iberdrola Energia Monterrey, S.A. de C.V. (&#8220;Iberdrola&#8221;), a Mexican subsidiary of Iberdrola Energ&#237;a, S.A., for the supply to four of Ternium Mexico&#8217;s plants. On March 31, 2008, two of those plants were terminated by Iberdrola. The contracted electrical demand as of June 30, 2017, is 96.7 MW. Iberdrola currently supplies approximately 22.5% of Ternium Mexico&#8217;s electricity needs under this contract. Although the contract was to be effective through 2027, on April 28, 2014, Ternium Mexico and Iberdrola entered into a new supply contract and terminated the previous one. In consideration of the termination of the previous contract, Iberdrola has granted Ternium Mexico a credit of USD 750 thousand per MW of the 111.2 MW originally contracted capacity, resulting over time in a total value of USD 83.4 million.&nbsp; In addition, Iberdrola agreed to recognize to Ternium M&#233;xico USD 15.0 million through discounted rates. As a result of the above mentioned credit and discount, the company expects to incur in electricity rates comparable to those obtained in the past under the previous contract&#8217;s terms for a period that is estimated to be approximately 1 year. Following such period, Ternium Mexico&#8217;s rates under the contract will increase to market rates with a 2.5% discount; however, Ternium Mexico will be entitled to terminate the contract without penalty. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT">(f) Several Ternium Mexico&#8217;s subsidiaries which have facilities throughout the Mexican territory are parties to a long term energy purchase agreement for purchased capacity of electricity with Tractebel Energ&#237;a de Monterrey, S. de R.L. de C.V., and is committed to pay Tractebel for the contracted capacity and for the consumed energy. The monthly payments are calculated considering the capacity charges, operation costs, back-up power charges, and transmission charges, less any steam credits. The contracted amount is of USD 25.8 million and the contract will terminate in April 2018. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT">(g) Following the maturity of a previously existing railroad freight services agreement during 2013, in April 2014, Ternium M&#233;xico and Ferrocarril Mexicano, S. A. de C. V. (&#8220;Ferromex&#8221;) entered into a new railroad freight services agreement pursuant to which Ferromex will transport Ternium Mexico&#8217;s products through railroads operated by Ferromex for a term of five years through 2019. Subject to Ternium&#8217;s board approval, both Ternium Mexico and Ferromex would be required to make (within a period of 36 months) </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">certain investments to improve the loading and unloading of gondolas. The total investment commitment of Ternium M&#233;xico and Ferromex was already invested as of June 30, 2017. Under the agreement, Ternium Mexico has guaranteed to Ferromex a minimum average transport load of 200,000 metric tons</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT"> per month in any six-month period. In the event that the actual per-month average transport loads in any six-month period were lower than such guaranteed minimum, Ternium Mexico would be required to compensate Ferromex for the shortfall so that Ferromex receives a rate equivalent to a total transport load of 1,200,000 metric tons for such six-month period. However, any such compensation will not be payable if the lower transport loads were due to adverse market conditions, or to adverse operating conditions at Ternium Mexico&#8217;s facilities.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT"> </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Sabon MT"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="sabon mt">(h) Techgen is a party to gas transportation capacity agreements with Kinder Morgan Gas Natural de Mexico, S. de R.L. de C.V., Kinder Morgan Texas Pipeline LLC and Kinder Morgan Tejas Pipeline LLC for the whole transportation capacity starting on August 1, 2016 and ending during the second half of 2036. As of June 30, 2017, the outstanding value of this commitment was approximately USD 271.7 million. Ternium&#8217;s exposure under the guarantee in connection with these agreements amounts to USD 130.4 million, corresponding to the 48% of the agreements&#8217; outstanding value as of June 30, 2017.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">(i) Ternium issued a Corporate Guarantee covering 48% of the obligations of Techgen under a syndicated loan agreement between Techgen and several banks led by Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, and Natixis, New York Branch acting as joint bookrunners. The loan agreement amounted to USD 800 million and the proceeds will be used by Techgen in the construction of the facility. As of June 30, 2017, the outstanding amount under the loan agreement was USD 760 million, as a result the amount guaranteed by Ternium was approximately USD 365 million. The main covenants under the Corporate Guarantee are limitations on the sale of certain assets and compliance with financial ratios (e.g. leverage ratio). As of June 30, 2017, Techgen and Ternium, as guarantor, were in compliance with all of their covenants. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">(iii) Restrictions on the distribution of profits</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">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, 2013, this reserve reached the above-mentioned threshold.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">As of December 31, 2016, Ternium may pay dividends up to USD 3.4 billion in accordance with Luxembourg law and regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Shareholders' equity under Luxembourg law and regulations comprises the following captions:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">As of December 31, 2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Share capital</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,004,743</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Legal reserve</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">200,474</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Non distributable reserves</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,414,122</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Reserve for own shares</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">59,600</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Accumulated profit at January 1, 2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,353,166</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(20,990)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total shareholders' equity under Luxembourg GAAP</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,011,115</FONT></B></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>13.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>AGREEMENT FOR THE ACQUISITION OF CSA SIDER&#218;RGICA DO ATL&#194;NTICO LTDA.</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">On February 21, 2017, the company&#8217;s wholly-owned Luxembourg subsidiary Ternium Investments S.&#224; r.l. entered into a definitive agreement with thyssenkrupp AG (&#8220;tkAG&#8221;) to acquire a 100% ownership interest in thyssenkrupp Slab International B.V. (&#8220;tkSI&#8221;) and its wholly-owned subsidiary CSA Sider&#250;rgica do Atl&#226;ntico Ltda. (&#8220;CSA&#8221;). In addition, tkAG will assign to Ternium a 2.0 million tons per year agreement to supply slabs to thyssenkrupp&#8217;s former Calvert re-rolling facility in Alabama, U.S.. The price of the transaction was set using EUR 1.5 billion as enterprise value and September 30, 2016, as a locked-box date, and is subject to agreed-upon adjustments at closing. The transaction, which requires antitrust clearance in several jurisdictions, including Brazil, Germany and the U.S., and other conditions, is expected to close on or before September 30, 2017. As of June 30, 2017, the antitrust clearance process in Brazil is ongoing, and the antitrust clearance processes in Germany and the U.S. have been successfully completed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">The Company has entered into several derivative contracts to hedge the currency volatility risk associated with the Euro-denominated transaction price. As of June 30, 2017, the notional amount of these contracts is EUR 800 million and their fair value amounts to USD 39 million, which has been included in an equity reserve.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">The assets to be acquired had in calendar year 2016 consolidated annual sales of EUR 1.6 billion, shipments of 4.3 million tons and EBITDA of EUR 256 million. CSA is a steel slab producer with a steelmaking facility located in the state of Rio de Janeiro, Brazil, and has an annual production capacity of 5 million tons of high-end steel slabs, a deep-water harbor and a 490 MW combined cycle power plant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Ternium has secured a USD 1.5 billion Syndicated Term Loan Facility to finance the acquisition.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=tradegothic>14.&nbsp;&nbsp;&nbsp; RELATED PARTY TRANSACTIONS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">As &nbsp;of &nbsp;June &nbsp;30, &nbsp;2017, &nbsp;Techint &nbsp;Holdings &nbsp;S.&#224; r.l. &nbsp;(&#8220;Techint&#8221;) &nbsp;owned &nbsp;&nbsp;62.02% &nbsp;of the Company&#8217; s share capital and Tenaris Investments S.&#224; r.l. (&#8220;Tenaris&#8221;) 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 voting shares in San Faustin sufficient in number to control San Faustin.&nbsp; No person or group of persons controls RP STAK.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>22</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=tradegothic>14.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=tradegothic>RELATED PARTY TRANSACTIONS (continued)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">The following transactions were carried out with related parties:</FONT></P>

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<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(i) Transactions</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(a) Sales of goods and services </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Sales of goods to other related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">77,018</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">11,371</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Sales of services and others to non-consolidated parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">89</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">565</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Sales of services and others to other related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">239</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">414</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">77,346</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">12,350</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(b) Purchases of goods and services</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Purchases of goods from non-consolidated parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">148,801</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">65,514</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Purchases of goods from other related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">28,361</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">30,664</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Purchases of services and others from non-consolidated parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,011</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4,954</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Purchases of services and others from other related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">59,331</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">61,904</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">242,504</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">163,036</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(c) Financial results</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Income with non-consolidated parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,622</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,153</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">3,622</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,153</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(d) Dividends received</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Dividends received from non-consolidated parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">65</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">121</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">65</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">121</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(e) Other income and expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Income (expenses), net with non-consolidated parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,928</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">969</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Income (expenses), net with other related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">274</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">356</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">2,202</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">1,325</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">June 30, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">December 31, 2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=2>

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(ii) Period-end balances</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(a) Arising from sales/purchases of goods/services</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Receivables from non-consolidated parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">127,177</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">103,333</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Receivables from other related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">25,434</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">7,043</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Advances from non-consolidated parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">4</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Advances to suppliers with other related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">486</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">283</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Payables to non-consolidated parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(31,361)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(25,889)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Payables to other related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(31,460)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">(26,313)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">90,280</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">58,457</FONT></B></P></TD></TR>

<TR>

   <TD width="68%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><SUB><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=tradegothic></FONT></B></SUB>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=tradegothic></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><SUB><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=tradegothic></FONT></B></SUB>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>23</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=FR style="FONT-SIZE: 14pt" color=black face=TradeGothic>TERNIUM S.A.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 0.25in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=FR style="FONT-SIZE: 14pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 28.9pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>Consolidated Condensed Interim Financial Statements as of June 30, 2017</FONT></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT color=red><FONT lang=EN-US style="FONT-SIZE: 11pt" color=red face=TradeGothic>and for the six-month periods ended June 30, 2017 and 2016</FONT></FONT><FONT color=red></FONT></P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="3%">

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   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 15pt" color=black face="times new roman"></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>15.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=tradegothic>FAIR VALUE MEASUREMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: normal"><SUB><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face=tradegothic></FONT></B></SUB>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">IFRS 13 requires for financial instruments that are measured at fair value, a disclosure of fair value measurements by level. See note 28 of the Consolidated Financial Statements as of December 31, 2016 for definitions of levels of fair values and figures at that date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">The following table presents the assets and liabilities that are measured at fair value:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Fair value measurement as of June 30, 2017<BR>(in USD thousands):</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Description</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Level 1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Level 2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Financial assets at fair value through profit or loss</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">95,902</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">95,902</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other investments</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">101,859</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">101,859</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">39,499</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">39,499</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">237,260</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">197,761</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">39,499</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Financial liabilities at fair value through profit or loss</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,416</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,416</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,416</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">6,416</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 21.95pt">

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 21.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Fair value measurement as of December 31, 2016<BR>(in USD thousands):</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Description</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Level 1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Level 2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Financial assets at fair value through profit or loss</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">100,026</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">100,026</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Other investments</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">83,117</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">78,105</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,012</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">316</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">316</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">183,459</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">178,131</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">5,328</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Financial liabilities at fair value through profit or loss</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">287</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">287</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">287</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 9pt" color=windowtext face="Sabon MT">287</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face="Sabon MT">There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy and there were no financial assets and liabilities considered as Level 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 28.35pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 28.35pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 28.35pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 28.35pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 28.35pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 28.35pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Pablo Brizzio</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 28.35pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="sabon mt">Chief Financial Officer</FONT></P></DIV>

<a name="_bclFooter27"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>Page </FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic></FONT></B></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic> of </FONT><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=tradegothic>24</FONT></B></FONT></B></P>

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

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