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Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-03-003083.txt : 20031030
<SEC-HEADER>0000891092-03-003083.hdr.sgml : 20031030
<ACCEPTANCE-DATETIME>20031030161320
ACCESSION NUMBER:		0000891092-03-003083
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031030
FILED AS OF DATE:		20031030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GROUP SIMEC SA DE CV
		CENTRAL INDEX KEY:			0000887153
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11176
		FILM NUMBER:		03966884

	BUSINESS ADDRESS:	
		STREET 1:		CALZADA LAZARO CARDENAS 601
		CITY:			44910 GUADALAJARA JA
		STATE:			O5
		ZIP:			10022

	MAIL ADDRESS:	
		STREET 1:		CALZADA LAZARO CARDENAS
		CITY:			GUADALAJARA JALISCO
		STATE:			O5
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>e16046_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>
<head>
<title> </title>
</head>
<body>








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<p><table width=600><tr>
    <td  align=center><font size=4><B>UNITED STATES <br>
      SECURITIES AND EXCHANGE COMMISSION <br>
      </B></font><font size=2><b>Washington, D.C. 20549</b></font><font size=4><B>
      </B></font></td>
  </tr></table>

<p>
<p><table width=600><tr><td  align=center><font size=4><B>FORM 6-K</B></font></td></tr></table>

<p>
<table width=610>
  <tr><td  align=center><font size=3><B>REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></font></td></tr></table>

<p>
<table width=610>
  <tr valign="top">
    <td width="113"><font size=2>For the month of </font></td>
    <td width="475" align="right"><font size=2> October &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;
      2003 </font>
      <hr noshade size="1">
      <font size=2><u>.</u></font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td  align=center><font size=2>Group Simec, Inc.</font>
      <hr size="1" noshade>
      <font size=2> (Translation of Registrant&#146;s Name Into English)</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>Mexico</font>
      <hr size="1" noshade>
      <font size=2> (Jurisdiction of incorporation or organization)</font></td>
  </tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2>Av. Lazaro Cardenas 601, Colonia la Nogalera,
      Guadalajara, Jalisco, Mexico 44440</font>
      <hr size="1" noshade>
      <font size=2> (Address of principal executive office)</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>(Indicate by check mark whether the registrant
files or will file annual reports  under cover of Form 20-F or Form 40-F.)</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 20-F &nbsp;&nbsp;[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
      40-F &nbsp;[&nbsp;&nbsp;&nbsp;]</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>(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></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes &nbsp;[&nbsp;&nbsp;&nbsp;]
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No &nbsp;&nbsp;[X]</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>(If &#147;Yes&#148; is marked, indicate below
the file number assigned to the registrant  in connection with Rule 12g3-2(b):
82-_______________________.)</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>SIGNATURE</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of the Securities Exchange Act of  1934, the Company has duly caused this
report to be signed on its behalf by the  undersigned, thereunto duly authorized.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td align=right width="339">&nbsp;&nbsp;</td>
    <td align=center width="249"><font size=2>GRUPO SIMEC, S.A. de C.V.</font>
      <hr size="1" noshade>
      <font size=2> (Registrant) </font></td>
  </tr>
</table>



<p>
<table width=600>
  <tr>
    <td width="235" valign="top"><font size=2>Date: October 30, 2003. </font></td>
    <td width="70">&nbsp;</td>
    <td width="279"><font size=2>By:</font> /s/ <font size=2>Luis Garc&#237;a
      Lim&#243;n</font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="235">&nbsp;</td>
    <td width="70">&nbsp;&nbsp;</td>
    <td width="279"><font size=2>Name: Luis Garc&#237;a Lim&#243;n <br>
      Title: Chief Executive Officer</font></td>
  </tr>
</table>

<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p>
<p>
<table width=600>
  <tr valign="top">
    <td width="146"><font size=2><b>PRESS RELEASE</b> </font></td>
    <td width="239" align="right"><font size=2>Contact:</font></td>
    <td width="10" align="right">&nbsp;</td>
    <td width="185"><font size=2>Adolfo Luna Luna<br>
      Jos&#233; Flores Flores<br>
      Grupo Simec, S.A. de C.V. <br>
      Calzada Lazaro Cardenas 601 <br>
      44440 Guadalajara, Jalisco, Mexico <br>
      52 33 1057 5740</font></td>
  </tr>
</table>


<p><table width=600><tr><td  align=center><font size=2><B>GRUPO SIMEC ANNOUNCES RESULTS
OF OPERATIONS FOR THE FIRST NINE MONTHS OF 2003</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>GUADALAJARA, MEXICO, October 28, 2003- Grupo
Simec, S.A. de C.V. (AMEX-SIM)  (&#147;Simec&#148;) announced today its results of
operations for the nine-month period  ended September 30, 2003. Net sales increased 26%
to Ps. 1,997 million in the  nine months ended September 30, 2003 compared to Ps. 1,591
million in the same  period of 2002 due to higher finished product prices and increased
production  levels. Primarily as a result of the foregoing and significantly lower
financial  expense in the 2003 period, in the nine-month period ended September 30, 2003
Simec recorded net income of Ps. 281 million versus net income of Ps. 66 million  for the
comparable period of 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec sold 463,286 metric tons of basic steel
products during the nine months  ended September 30, 2003 as compared to 451,037 metric
tons in the same period  of 2002. Exports of basic steel products decreased to 54,047
metric tons in the  nine-month period ended September 30, 2003 versus 61,853 metric tons
in the  September 30, 2002 period. Simec also sold 47,049 tons of billet in the first
nine months of 2003 as compared to 21,476 tons of billet in the prior comparable  period.
Prices of finished products sold in the nine-month period ended  September 30, 2003
increased 18% in real terms versus the same period of 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec&#146;s direct cost of sales was Ps. 1,308
million in the nine-month period  ended September 30, 2003, or 65% of net sales, versus
Ps. 1,067 million, or 67%  of net sales, for the 2002 period. Indirect manufacturing,
selling, general and  administrative expenses (including depreciation) increased to Ps.
347 million  during the nine-month period ended September 30, 2003, from Ps. 338 million
in  the September 30, 2002 period.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>Simec&#146;s operating income increased 84% to Ps. 342 million
      during the first nine months of 2003 from Ps. 186 million in the same period
      of 2002. Operating income was 17% of net sales in the nine-month period
      ended September 30, 2003 compared to 12% of net sales in the same period
      of 2002.</font></td>
  </tr></table>


<br>
<table width=600>
  <tr>
    <td><font size=2>Simec recorded no other income, net, in the nine-month period
      ended September 30, 2003 compared to other income, net, of Ps. 10 million
      in the same period of 2002. In addition, Simec recorded a provision for
      income tax and employee profit sharing of Ps. 37 million in the </font></td>
  </tr>
</table>
<p>&nbsp;
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td><font size=2>nine-month period ended September 30, 2003 versus a provision
      of Ps. 14 million in the same period of 2002.</font></td>
  </tr></table>

<p>
<p><table width=600><tr><td><font size=2>Simec recorded financial expense of Ps. 24
million in the nine-month period  ended September 30, 2003 compared to financial expense
of Ps. 116 million in the  same period of 2002 as a result of (i) net interest expense of
Ps. 14 million in  the first nine months of 2003 compared to net interest expense of Ps.
45 million  in the same period of 2002, reflecting lower debt levels in the 2003 period,
(ii) an exchange loss of Ps. 9 million in the nine-month period ended September  30, 2003
compared to an exchange loss of Ps. 95 million in the same period of  2002, reflecting
lower debt levels in the 2003 period and a decrease of 6% in  the value of the peso
versus the dollar in the 2003 period compared to a  decrease of 11% in the value of the
peso versus the dollar in the 2002 period  and (iii) a loss from monetary position of Ps.
1 million in the nine-month  period ended September 30, 2003 compared to a gain from
monetary position of Ps.  24 million in the same period of 2002, reflecting the domestic
inflation rate of  2.3% in the 2003 period compared to the domestic inflation rate of
3.9% in the  2002 period and lower debt levels during the 2003 period.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>At September 30, 2003, Simec&#146;s total
consolidated debt consisted of  approximately $2 million of U.S. dollar-denominated debt,
while at December 31,  2002, Simec had outstanding approximately $47.8 million of U.S.
dollar-denominated debt. Simec&#146;s lower debt level at September 30, 2003 reflects  the
prepayment of $31.4 million of bank debt in the nine-month-period ended  September 30,
2003, the conversion to common stock in March 2003 of $16.1  million of loans (plus
accrued interest thereon) from Simec&#146;s parent company  Industrias CH, S.A. de C.V.
(&#147;ICH&#148;) at a conversion price equivalent to U.S.  $1.35 (Ps. 14.588) per
American Depositary Share and a capital contribution from  ICH to Simec in the amount of
$14.5 million (the proceeds of which were used to  retire debt owed to ICH) for capital
stock to be issued in the fourth quarter of  2003. Simec currently owes no amounts to ICH.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>All figures were prepared in accordance with
Mexican generally accepted  accounting principles and are stated in constant Pesos at
September 30, 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec is a mini-mill steel producer in Mexico
and manufactures a broad range of  non-flat structural steel products.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>###</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 4; page: 4" -->
<p>&nbsp;
<div>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr align="center">
      <td colspan="2"><font size="2"><font size="3">MEXICAN STOCK EXCHANGE <br>
        SIFIC / ICS</font> </font></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC </b> </font></td>
      <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
        </font></td>
    </tr>
    <tr>
      <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
      <td width="289" align="right"><font size="1"></font></td>
    </tr>
  </table>
  <br>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr align="center">
      <td colspan="2">
        <p><font size="2"><b>CONSOLIDATED FINANCIAL STATEMENT <br>
          </b>AT SEPTEMBER 30 OF 2003 AND 2002 <br>
          (Thousands of Pesos) </font></p>
      </td>
    </tr>
  </table>
  <br>
  <table border=0 cellspacing=0 cellpadding=0 width="650">
    <tr valign="bottom">
      <td valign=top colspan="12">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td valign=top align="center">
        <p><b><font size="2">&nbsp;REF </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="center" valign=middle>
        <p><b><font size="2">CATEGORIES </font></b></p>
      </td>
      <td align="center">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td colspan="4" align="center">
        <p><b><font size="2">QUARTER OF <br>
          PRESENT <br>
          FINANCIAL <br>
          YEAR </font></b></p>
      </td>
      <td colspan="4" align="center">
        <p><b><font size="2">QUARTER OF <br>
          PREVIOUS <br>
          FINANCIAL <br>
          YEAR </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">&nbsp;</td>
      <td>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td colspan="8" align="center">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">S </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="center">
        <p>&nbsp;</p>
      </td>
      <td align="center">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td colspan="2" align="center">
        <p><b><font size="2">AMOUNT </font></b></p>
      </td>
      <td colspan="2" align="center">
        <p><b><font size="2">% </font></b></p>
      </td>
      <td colspan="2" align="center">
        <p><b><font size="2">AMOUNT </font></b></p>
      </td>
      <td colspan="2" align="center">
        <p><b><font size="2">&nbsp;% </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td colspan="12">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">1 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">TOTAL ASSETS </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">5,712,368 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">5,201,658 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td><b></b></td>
      <td><b></b></td>
      <td><b></b></td>
      <td><b></b></td>
      <td align="right"><b></b></td>
      <td align="left"><b></b></td>
      <td align="right"><b></b></td>
      <td align="left"><b></b></td>
      <td align="right"><b></b></td>
      <td align="left"><b></b></td>
      <td align="right"><b></b></td>
      <td align="left"><b></b></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">2 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">CURRENT ASSETS </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">1,053,526 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">18 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">825,349 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">16 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">3 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">CASH AND SHORT-TERM INVESTMENTS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">344,687 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">6 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">32,545 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">4 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) </font></p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="2">425,579 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">7 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">387,712 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">7 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">5 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">OTHER ACCOUNTS AND DOCUMENTS RECEIVABLE </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">24,920 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">89,453 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">2 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">6 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">INVENTORIES </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">251,658 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">4 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">306,588 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">6 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">7 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">OTHER CURRENT ASSETS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">6,682 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">9,051 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">8 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">LONG-TERM </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">9 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) </font></p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">10 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">INVESTMENT IN SHARES OF SUBSIDIARIES </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">AND NON-CONSOLIDATED </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">11 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">OTHER INVESTMENTS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">12 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">PROPERTY, PLANT AND EQUIPMENT </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">4,402,944 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">77 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">4,092,336 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">79 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">13 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">PROPERTY </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1,881,010 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">33 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1,901,416 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">37 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">14 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">MACHINERY AND INDUSTRIAL </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">4,146,004 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">73 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">3,498,985 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">67 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">15 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">OTHER EQUIPMENT </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">186,813 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">3 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">169,766 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">3 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">16 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">ACCUMULATED DEPRECIATION </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1,818,952 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">32 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1,527,180 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">29 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">17 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">CONSTRUCTION IN PROGRESS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">8,069 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">49,349 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">18 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">DEFERRED ASSETS (NET) </font></b></p>
      </td>
      <td>
        <p><b></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">255,898 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">4 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">283,973 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">5 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">19 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">OTHER ASSETS </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">20 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">TOTAL LIABILITIES </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">1,214,599 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">1,643,442 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">21 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">CURRENT LIABILITIES </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">320,118 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">26 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">479,399 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">29 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">22 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">SUPPLIERS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">189,323 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">16 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">202,126 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">12 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">23 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">BANK LOANS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">18,877 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">2 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">60,839 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">4 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">24 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">STOCK MARKET LOANS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">3,300 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">3,194 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">25 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">TAXES TO BE PAID </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">41,334 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">3 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">58,756 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">4 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">26 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">OTHER CURRENT LIABILITIES </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">67,284 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">6 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">154,484 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">9 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">27 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">LONG-TERM LIABILITIES </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">409,665 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">25 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">28 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">BANK LOANS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">409,665 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">25 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">29 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">STOCK MARKET LOANS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">30 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">OTHER LOANS </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">31 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">DEFERRED LOANS </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">894,481 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">74 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">754,378 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">46 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">32 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">OTHER LIABILITIES </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">33 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">CONSOLIDATED STOCKHOLDERS&#146; EQUITY </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">4,497,769 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">3,558,216 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">34 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">MINORITY INTEREST </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">250 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">216 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">35 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">MAJORITY INTEREST </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">4,497,519 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">3,558,000 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">36 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">CONTRIBUTED CAPITAL </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">3,636,082 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">81 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">3,304,236 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">93 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">37 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">PAID-IN CAPITAL STOCK (NOMINAL) </font></p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="2">1,755,676 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">39 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1,575,987 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">44 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">38 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">RESTATEMENT OF PAID-IN CAPITAL STOCK </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1,116,475 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">25 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1,114,732 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">31 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">39 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">PREMIUM ON SALES OF SHARES </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">613,517 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">14 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">613,517 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">17 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">40 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">150,414 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">3 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="2">41 </font></b></p>
      </td>
      <td>
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td>
        <p><b><font size="2">CAPITAL INCREASE (DECREASE) </font></b></p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><b><font size="2">861,437 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">19 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">253,764 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">7 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2">&nbsp; </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">42 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">RETAINES EARNINGS AND CAPITAL RESERVE </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1,231,392 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">27 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">1,110,614 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">31 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">43 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">REPURCHASE FUND OF SHARES </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">78,792 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">2 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">78,792 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">2 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">44 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">EXCESS (SHORTFALL) IN RESTATEMENT OF </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">STOCKHOLDERS&#146; EQUITY </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">(729,738 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
      <td align="right">
        <p><font size="2">(16 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
      <td align="right">
        <p><font size="2">(1,001,980 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
      <td align="right">
        <p><font size="2">(28 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="2">45 </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td>
        <p><font size="2">NET INCOME FOR THE YEAR </font></p>
      </td>
      <td>
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">280,991 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">6 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">66,338 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
      <td align="right">
        <p><font size="2">2 </font></p>
      </td>
      <td align="left">
        <p><font size="2">&nbsp; </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td colspan="12">
        <hr noshade size="1">
      </td>
    </tr>
  </table>
  <p>&nbsp;</p><table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>
      <td width=480 align=center><font size="2"> </font></td>
      <td width=60 align=right><font size="1">&nbsp;</font></td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
  <p>&nbsp; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 4; page: 4" -->
  <p>&nbsp;
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr align="center">
      <td colspan="2"><font size="2"><font size="3">MEXICAN STOCK EXCHANGE <br>
        SIFIC / ICS</font> </font></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC </b> </font></td>
      <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
        </font></td>
    </tr>
    <tr>
      <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
      <td width="289" align="right"><font size="1"></font></td>
    </tr>
  </table>
  <br>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr align="center">
      <td colspan="2">
        <p><font size="2"><b>CONSOLIDATED FINANCIAL STATEMENT <br>
          </b>BREAKDOWN OF MAIN CATEGORIES <br>
          (Thousands of Pesos) </font></p>
      </td>
    </tr>
  </table>
  <br>
  <table border=0 cellspacing=0 cellpadding=0 width="650">
    <tr valign="bottom">
      <td valign=top colspan="12">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td valign=top align="center">
        <p><b><font size="2">REF </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="center" valign=middle>
        <p><b><font size="2">CATEGORIES </font></b></p>
      </td>
      <td align="center">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td colspan="4" align="center">
        <p><b><font size="2">QUARTER OF <br>
          PRESENT <br>
          FINANCIAL <br>
          YEAR </font></b></p>
      </td>
      <td colspan="4" align="center">
        <p><b><font size="2">QUARTER OF <br>
          PREVIOUS <br>
          FINANCIAL <br>
          YEAR </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td align="center"></td>
      <td align="center"></td>
      <td colspan="8" align="center">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">S </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="center">
        <p></p>
      </td>
      <td align="center">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td colspan="2" align="center">
        <p><b><font size="2">AMOUNT </font></b></p>
      </td>
      <td colspan="2" align="center">
        <p><b><font size="2">% </font></b></p>
      </td>
      <td colspan="2" align="center">
        <p><b><font size="2">AMOUNT </font></b></p>
      </td>
      <td colspan="2" align="center">
        <p><b><font size="2">% </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td colspan="12">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">3 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">CASH AND SHORT TERM INVESTMENTS </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">344,687 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">32,545 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">46 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">CASH </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">147,151 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">43 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">31,946 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">98 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">47 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">SHORT-TERM INVESTMENTS </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">197,536 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">57 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">599 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">2 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">18 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">DEFERRED ASSETS (NET) </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">255,898 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">283,973 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">48 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">AMORTIZED OR REDEEMED EXPENSES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">253,669 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">99 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">283,973 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">100 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">49 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">GOODWILL </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">50 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">DEFERRED TAXES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">51 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">OTHERS </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">2,229 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">1 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">21 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">CURRENT LIABILITIES </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">320,118 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">479,399 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">52 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">FOREIGN CURRENCY LIABILITIES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">71,097 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">22 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">198,538 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">41 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">53 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">MEXICAN PESOS LIABILITIES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">249,021 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">78 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">280,861 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">59 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">24 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">STOCK MARKET LOANS </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">3,300 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">3,194 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">54 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">COMMERCIAL PAPER </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">55 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">CURRENT MATURITIES OF MEDIUM TERM NOTES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">3,300 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">100 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">3,194 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">100 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">56 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">CURRENT MATURITIES OF BONDS </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">26 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">OTHER CURRENT LIABILITIES </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">67,284 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">154,484 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">57 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">OTHER CURRENT LIABILITIES WITH COST </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">84,791 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">55 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">58 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">OTHER CURRENT LIABILITIES WITHOUT COST </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">67,284 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">100 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">69,693 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">45 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">27 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">LONG-TERM LIABILITIES </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">409,665 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">59 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">FOREIGN CURRENCY LIABILITIES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">409,665 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">100 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">60 </font></p>
      </td>
      <td>
        <p>&nbsp;&nbsp;&nbsp;<font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">MEXICAN PESOS LIABILITIES </font></p>
      </td>
      <td>
        <p>&nbsp;&nbsp;&nbsp;<font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;&nbsp;<font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;&nbsp;<font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;&nbsp;<font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">29 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">STOCK MARKET LOANS </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">61 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">BONDS </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">62 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">MEDIUM TERM NOTES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">30 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">OTHER LOANS </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">63 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">OTHER LOANS WITH COST </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"><font size="2">0</font></td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">64 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">OTHER LOANS WITHOUT COST </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2"> </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">31 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">DEFERRED LOANS </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">894,481 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">754,378 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">100 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">65 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">NEGATIVE GOODWILL </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">66 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">DEFERRED TAXES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">885,430 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">99 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">748,111 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">99 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">67 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">OTHERS </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">9,051 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">1 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">6,267 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">1 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><b><font size="2">32 </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td>
        <p><b><font size="2">OTHER LIABILITIES </font></b></p>
      </td>
      <td>
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
      <td align="right">
        <p><b><font size="2">0 </font></b></p>
      </td>
      <td align="left">
        <p><b><font size="2"> </font></b></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">68 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">RESERVES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">69 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">OTHER LIABILITIES </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center"></td>
      <td></td>
      <td></td>
      <td></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
      <td align="right"></td>
      <td align="left"></td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">44 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">EXCESS (SHORTFALL) IN RESTATEMENT OF </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2"> </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2"> </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2"> </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2"> </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">STOCKHOLDERS&#146; EQUITY </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">(729,738 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
      <td align="right">
        <p><font size="2">(100 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
      <td align="right">
        <p><font size="2">(1,001,980 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
      <td align="right">
        <p><font size="2">(100 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">70 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">ACCUMULATED INCOME DUE TO MONETARY POSITION </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">(729,738 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
      <td align="right">
        <p><font size="2">(100 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
      <td align="right">
        <p><font size="2">(1,001,980 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
      <td align="right">
        <p><font size="2">(100 </font></p>
      </td>
      <td align="left">
        <p><font size="2">) </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center">
        <p><font size="2">71 </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td>
        <p><font size="2">INCOME FROM NON-MONETARY POSITION ASSETS </font></p>
      </td>
      <td>
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
      <td align="right">
        <p><font size="2">0 </font></p>
      </td>
      <td align="left">
        <p><font size="2"> </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td align="center" colspan="12">
        <hr noshade size="1">
      </td>
    </tr>
  </table>
  <p>&nbsp; </p>
  <table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>
      <td width=480 align=center><font size="2"> </font></td>
      <td width=60 align=right><font size="1">&nbsp;</font></td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
  <p>&nbsp; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 4; page: 4" -->
  <p>&nbsp;
  <div>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr align="center">
        <td colspan="2">
          <p><font size="3">MEXICAN STOCK EXCHANGE <br>
            SIFIC / ICS </font></p>
        </td>
      </tr>
      <tr>
        <td colspan="2">&nbsp;</td>
      </tr>
      <tr>
        <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC</b> </font></td>
        <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
          </font></td>
      </tr>
      <tr>
        <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
        <td width="289" align="right"><font size="1"></font></td>
      </tr>
    </table>
    <br>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr align="center">
        <td colspan="2">
          <p><font size="2"><b><font size="1">CONSOLIDATED FINANCIAL STATEMENT</font></b>
            <font size="1"><br>
            </font></font><font size="1">OTHER CONCEPTS <br>
            (Thousands of Pesos) </font></p>
        </td>
      </tr>
    </table>
    <br>
    <table border=0 cellspacing=0 cellpadding=0 width="600">
      <tr valign="bottom">
        <td align="center" colspan="4">
          <hr noshade size="1">
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><b><font size="2">REF </font></b></p>
        </td>
        <td>
          <p>&nbsp;</p>
        </td>
        <td>
          <p>&nbsp;</p>
        </td>
        <td>
          <p>&nbsp;</p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><b><font size="2">&nbsp; </font></b></p>
        </td>
        <td align="center" valign=middle>
          <p><b><font size="2">CATEGORIES </font></b></p>
        </td>
        <td align="center">
          <p><b><font size="2">QUARTER OF <br>
            PRESENT <br>
            FINANCIAL YEAR </font></b></p>
        </td>
        <td align="center">
          <p><b><font size="2">QUARTER OF <br>
            PREVIOUS <br>
            FINANCIAL YEAR </font></b></p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" colspan="2">
          <hr noshade size="1">
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><b><font size="2">S </font></b></p>
        </td>
        <td>
          <p>&nbsp;</p>
        </td>
        <td align="center">
          <p><b><font size="2">AMOUNT </font></b></p>
        </td>
        <td align="center">
          <p><b><font size="2">&nbsp;AMOUNT </font></b></p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center" colspan="4">
          <hr noshade size="1">
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><font size="2">72 </font></p>
        </td>
        <td>
          <p><font size="2">WORKING CAPITAL </font></p>
        </td>
        <td align="right">
          <p><font size="2">733,408 </font></p>
        </td>
        <td align="right">
          <p><font size="2">345,950 </font></p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><font size="2">73 </font></p>
        </td>
        <td>
          <p><font size="2">PENSIONS FUND AND SENIORITY PREMIUMS </font></p>
        </td>
        <td align="right">
          <p><font size="2">0 </font></p>
        </td>
        <td align="right">
          <p><font size="2">0 </font></p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><font size="2">74 </font></p>
        </td>
        <td>
          <p><font size="2">EXECUTIVES (*) </font></p>
        </td>
        <td align="right">
          <p><font size="2">25 </font></p>
        </td>
        <td align="right">
          <p><font size="2">29 </font></p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><font size="2">75 </font></p>
        </td>
        <td>
          <p><font size="2">EMPLOYERS (*) </font></p>
        </td>
        <td align="right">
          <p><font size="2">384 </font></p>
        </td>
        <td align="right">
          <p><font size="2">400 </font></p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><font size="2">76 </font></p>
        </td>
        <td>
          <p><font size="2">WORKERS (*) </font></p>
        </td>
        <td align="right">
          <p><font size="2">910 </font></p>
        </td>
        <td align="right">
          <p><font size="2">928 </font></p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><font size="2">77 </font></p>
        </td>
        <td>
          <p><font size="2">COMMON SHARES (*) </font></p>
        </td>
        <td align="right">
          <p><font size="2">120,348,855 </font></p>
        </td>
        <td align="right">
          <p><font size="2">2,160,625,003 </font></p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center">
          <p><font size="2">78 </font></p>
        </td>
        <td>
          <p><font size="2">REPURCHASED SHARES (*) </font></p>
        </td>
        <td align="right">
          <p><font size="2">0 </font></p>
        </td>
        <td align="right">
          <p><font size="2">0 </font></p>
        </td>
      </tr>
      <tr valign="bottom">
        <td align="center" colspan="4">
          <hr noshade size="1">
        </td>
      </tr>
    </table>
    <br>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr align="left">
        <td colspan="2">
          <p><font size="2">&nbsp;&nbsp;&nbsp;(*) THESE ITEMS SHOULD BE EXPRESSED
            IN UNITS </font></p>
        </td>
      </tr>
    </table>
    <p>&nbsp; </p>
    <table width=600>
      <tr>
        <td width=60 align=left><font size=1>&nbsp;</font></td>
        <td width=480 align=center><font size="2"> </font></td>
        <td width=60 align=right><font size="1">&nbsp;</font></td>
      </tr>
    </table>
    <p>&nbsp;
    <hr size=5 noshade width=600 align=LEFT>
    <p>&nbsp; <!-- *************************************************************************** -->
      <!-- MARKER PAGE="sheet: 4; page: 4" -->
    <div>
      <table width="600" border="0" cellspacing="0" cellpadding="0">
        <tr align="center">
          <td colspan="2">
            <p><font size="3">MEXICAN STOCK EXCHANGE <br>
              SIFIC / ICS </font></p>
          </td>
        </tr>
        <tr>
          <td colspan="2">&nbsp;</td>
        </tr>
        <tr>
          <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC</b> </font></td>
          <td width="289" align="right"><font size="1">QUARTER: 3 YEAR:<b> 2003</b>
            </font></td>
        </tr>
        <tr>
          <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
          <td width="289" align="right"><font size="1"></font></td>
        </tr>
      </table>
      <br>
      <table width="600" border="0" cellspacing="0" cellpadding="0">
        <tr align="center">
          <td colspan="2">
            <p><font size="2"><b>CONSOLIDATED EARNING STATEMENT</b> <br>
              FROM JANUARY 1 TO SEPTEMBER 30 OF 2003 AND 2002 <br>
              (Thousands of Pesos) </font></p>
          </td>
        </tr>
      </table>
      <br>
      <table border=0 cellspacing=0 cellpadding=0 width="650">
        <tr valign="bottom">
          <td valign=top align="center" colspan="12">
            <hr noshade size="1">
          </td>
        </tr>
        <tr valign="bottom">
          <td valign=top align="center">
            <p><b><font size="2">&nbsp;REF </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="center" valign=middle>
            <p><b><font size="2">CATEGORIES </font></b></p>
          </td>
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td colspan="4" align="center">
            <p><b><font size="2">QUARTER OF <br>
              PRESENT <br>
              FINANCIAL <br>
              YEAR </font></b></p>
          </td>
          <td colspan="4" align="center">
            <p><b><font size="2">QUARTER OF <br>
              PREVIOUS <br>
              FINANCIAL <br>
              YEAR </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">&nbsp;</td>
          <td>&nbsp;</td>
          <td align="center">&nbsp;</td>
          <td align="center">&nbsp;</td>
          <td colspan="8" align="center">
            <hr noshade size="1">
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">R </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="center">
            <p>&nbsp;</p>
          </td>
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">AMOUNT </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">% </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">AMOUNT </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">&nbsp;% </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td colspan="12">
            <hr noshade size="1">
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">1 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">NET SALES </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">1,997,077 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">1,590,495 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">2 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">COST OF SALES </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">1,307,690 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">65 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">1,066,853 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">67 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">3 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">GROSS INCOME </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">689,387 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">35 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">523,642 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">33 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">4 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">OPERATING EXPENSES </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">347,159 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">17 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">337,853 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">21 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">5 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">OPERATING INCOME </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">342,228 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">17 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">185,789 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">12 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">6 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">TOTAL FINANCING COST </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">24,130 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">1 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">115,877 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">7 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">7 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">INCOME AFTER FINANCING COST </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">318,098 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">16 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">69,912 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">4 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">8 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">OTHER FINANCIAL OPERATIONS </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">(278 </font></p>
          </td>
          <td align="left">
            <p><font size="2">) </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">(10,689 </font></p>
          </td>
          <td align="left">
            <p><font size="2">) </font></p>
          </td>
          <td align="right">
            <p><font size="2">(1 </font></p>
          </td>
          <td align="left">
            <p><font size="2">) </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">9 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">INCOME BEFORE TAXES AND WORKERS&#146; PROFIT
              </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">SHARING </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">318,376 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">16 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">80,601 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">5 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">10 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">RESERVE FOR TAXES AND WORKERS&#146; PROFIT </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">SHARING </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">37,385 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">2 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">14,263 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">1 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">11 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">NET INCOME AFTER TAXES AND WORKERS&#146; PROFIT
              </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">SHARING </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">280,991 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">14 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">66,338 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">4 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">12 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">SHARE IN NET INCOME OF SUBSISIARIES AND </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">NON-CONSOLIDATED ASSOCIATES </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">13 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">CONSOLIDATED NET INCOME FROM CONTINUOUS </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">OPERATIONS </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">280,991 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">14 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">66,338 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">4 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">14 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">INCOME FROM DISCONTINUOUS OPERATIONS </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">15 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">CONSOLIDATED NET INCOME BEFORE </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">EXTRAORDINARY ITEMS </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">280,991 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">14 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">66,338 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">4 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">16 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">EXTRAORDINARY ITEMS NET EXPENSES (INCOME) </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">17 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">NET EFFECT AT THE BEGINNING OF THE YEAR BY </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">CHANGES IN ACCOUNTING PRINCIPLES </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">18 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">NET CONSOLIDATED INCOME </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">280,991 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">14 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">66,338 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">4 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">19 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">NET INCOME OF MINORITY INTEREST </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">20 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">NET INCOME OF MAJORITY INTEREST </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">280,991 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">14 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">66,338 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">4 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td colspan="12">
            <hr noshade size="1">
          </td>
        </tr>
      </table>
      <p>&nbsp; </p>
      <table width=600>
        <tr>
          <td width=60 align=left><font size=1>&nbsp;</font></td>
          <td width=480 align=center><font size="2"> </font></td>
          <td width=60 align=right><font size="1">&nbsp;</font></td>
        </tr>
      </table>
      <p>&nbsp;
      <hr size=5 noshade width=600 align=LEFT>
      <p>&nbsp; <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 4; page: 4" -->
    </div>
    <div>
      <table width="600" border="0" cellspacing="0" cellpadding="0">
        <tr align="center">
          <td colspan="2">
            <p><font size="3">MEXICAN STOCK EXCHANGE <br>
              SIFIC / ICS </font></p>
          </td>
        </tr>
        <tr>
          <td colspan="2">&nbsp;</td>
        </tr>
        <tr>
          <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC </b> </font></td>
          <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
            </font></td>
        </tr>
        <tr>
          <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
          <td width="289" align="right"><font size="1"></font></td>
        </tr>
      </table>
      <br>
      <table width="600" border="0" cellspacing="0" cellpadding="0">
        <tr align="center">
          <td colspan="2">
            <p><font size="2"><b>CONSOLIDATED EARNING STATEMENT</b> <br>
              BREAKDOWN OF MAIN CONCEPTS <br>
              (Thousands of Pesos) </font></p>
          </td>
        </tr>
      </table>
      <br>
      <table border=0 cellspacing=0 cellpadding=0 width="605">
        <tr valign="bottom">
          <td valign=top align="center" colspan="12">
            <hr noshade size="1">
          </td>
        </tr>
        <tr valign="bottom">
          <td valign=top align="center" width="26">
            <p><b><font size="2">REF </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="center" valign=middle width="358">
            <p><b><font size="2">CATEGORIES </font></b></p>
          </td>
          <td align="center" width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td colspan="4" align="center">
            <p><b><font size="2">QUARTER OF <br>
              PRESENT <br>
              FINANCIAL <br>
              YEAR </font></b></p>
          </td>
          <td colspan="4" align="center">
            <p><b><font size="2">QUARTER OF <br>
              PREVIOUS <br>
              FINANCIAL <br>
              YEAR </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">&nbsp;</td>
          <td width="6">&nbsp;</td>
          <td align="center" width="358">&nbsp;</td>
          <td align="center" width="6">&nbsp;</td>
          <td colspan="8" align="center">
            <hr noshade size="1">
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><b><font size="2">R </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="center" width="358">
            <p>&nbsp;</p>
          </td>
          <td align="center" width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">AMOUNT </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">% </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">AMOUNT </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">&nbsp;% </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td colspan="12" align="center">
            <hr noshade size="1">
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><b><font size="2">1 </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td width="358">
            <p><b><font size="2">NET SALES </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="59">
            <p><b><font size="2">1,997,077 </font></b></p>
          </td>
          <td align="left" width="7">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="36">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left" width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="59">
            <p><b><font size="2">1,590,495 </font></b></p>
          </td>
          <td align="right" width="7">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="24">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left" width="11">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">21 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">DOMESTIC </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">1,793,508 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">90 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">1,390,857 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">87 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">22 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">FOREIGN </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">203,569 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">10 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">199,638 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">13 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">23 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">TRANSLATED INTO DOLLARS (***) </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">18,839 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p>&nbsp;</p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">19,696 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">&nbsp;</td>
          <td width="6">&nbsp;</td>
          <td width="358">&nbsp;</td>
          <td width="6">&nbsp;</td>
          <td align="right" width="59">&nbsp;</td>
          <td align="left" width="7">&nbsp;</td>
          <td align="right" width="36">&nbsp;</td>
          <td align="left" width="6">&nbsp;</td>
          <td align="right" width="59">&nbsp;</td>
          <td align="left" width="7">&nbsp;</td>
          <td align="right" width="24">&nbsp;</td>
          <td align="left" width="11">&nbsp;</td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><b><font size="2">6 </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td width="358">
            <p><b><font size="2">TOTAL FINANCING COST </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="59">
            <p><b><font size="2">24,130 </font></b></p>
          </td>
          <td align="left" width="7">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="36">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left" width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="59">
            <p><b><font size="2">115,877 </font></b></p>
          </td>
          <td align="left" width="7">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="24">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left" width="11">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">24 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">INTEREST PAID </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">16,992 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">70 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">46,185 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">40 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">25 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">EXCHANGE LOSSES </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">9,098 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">38 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">95,496 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">82 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">26 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">INTEREST EARNED </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">2,638 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">11 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">901 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">1 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">27 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">EXCHANGE PROFITS </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">28 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">GAIN FROM MONETARY POSITION </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">678 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">3 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">(24,903 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">) </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">(21 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">) </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">&nbsp;</td>
          <td width="6">&nbsp;</td>
          <td width="358">&nbsp;</td>
          <td width="6">&nbsp;</td>
          <td align="right" width="59">&nbsp;</td>
          <td align="left" width="7">&nbsp;</td>
          <td align="right" width="36">&nbsp;</td>
          <td align="left" width="6">&nbsp;</td>
          <td align="right" width="59">&nbsp;</td>
          <td align="left" width="7">&nbsp;</td>
          <td align="right" width="24">&nbsp;</td>
          <td align="left" width="11">&nbsp;</td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><b><font size="2">8 </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td width="358">
            <p><b><font size="2">OTHER FINANCIAL OPERATIONS </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="59">
            <p><b><font size="2">(278 </font></b></p>
          </td>
          <td align="left" width="7">
            <p><b><font size="2">) </font></b></p>
          </td>
          <td align="right" width="36">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left" width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="59">
            <p><b><font size="2">(10,689 </font></b></p>
          </td>
          <td align="left" width="7">
            <p><b><font size="2">) </font></b></p>
          </td>
          <td align="right" width="24">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left" width="11">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">29 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">OTHER NET EXPENSES (INCOME) NET </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">(278 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">) </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">100 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">(10,689 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">) </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">100 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">30 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">(PROFIT LOSS ON SALE OF OWN SHARES </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">31 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">(PROFIT LOSS ON SALE OF SHORT-TERM INVESTMENTS </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">&nbsp;</td>
          <td width="6">&nbsp;</td>
          <td width="358">&nbsp;</td>
          <td width="6">&nbsp;</td>
          <td align="right" width="59">&nbsp;</td>
          <td align="left" width="7">&nbsp;</td>
          <td align="right" width="36">&nbsp;</td>
          <td align="left" width="6">&nbsp;</td>
          <td align="right" width="59">&nbsp;</td>
          <td align="left" width="7">&nbsp;</td>
          <td align="right" width="24">&nbsp;</td>
          <td align="left" width="11">&nbsp;</td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><b><font size="2">10 </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td width="358">
            <p><b><font size="2">RESERVE FOR TAXESS AND WORKERS&#146; PROFIT SHARING
              </font></b></p>
          </td>
          <td width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="59">
            <p><b><font size="2">37,385 </font></b></p>
          </td>
          <td align="left" width="7">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="36">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left" width="6">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="59">
            <p><b><font size="2">14,263 </font></b></p>
          </td>
          <td align="left" width="7">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right" width="24">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left" width="11">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">32 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">INCOME TAX </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">23,599 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">63 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">27,262 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">191 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">33 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">DEFERED INCOME TAX </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">12,706 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">34 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">(13,110 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">) </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">(92 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">) </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">34 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">WORKERS&#146; PROFIT SHARING </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">1,080 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">3 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">111 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">1 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" width="26">
            <p><font size="2">35 </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td width="358">
            <p><font size="2">DEFERED WORKERS&#146; PROFIT SHARING </font></p>
          </td>
          <td width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="36">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="6">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="59">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="7">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right" width="24">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left" width="11">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td colspan="12">
            <hr noshade size="1">
          </td>
        </tr>
      </table>
      <font size="2"> <br>
      </font>
      <table width="600" border="0" cellspacing="0" cellpadding="0">
        <tr align="left">
          <td colspan="2">
            <p><font size="2">&nbsp;&nbsp;&nbsp;(***) THOUSANDS OF DOLLARS </font>
            </p>
          </td>
        </tr>
      </table>
      <p>&nbsp; </p>
      <table width=600>
        <tr>
          <td width=60 align=left><font size=1>&nbsp;</font></td>
          <td width=480 align=center><font size="2"> </font></td>
          <td width=60 align=right><font size="1">&nbsp;</font></td>
        </tr>
      </table>
      <p>&nbsp;
      <hr size=5 noshade width=600 align=LEFT>
      <p>&nbsp; <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 4; page: 4" -->
      <p>&nbsp;
      <div>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><font size="3">MEXICAN STOCK EXCHANGE <br>
                </font> </font><font size="3">SIFIC / ICS </font></p>
            </td>
          </tr>
          <tr>
            <td colspan="2">&nbsp;</td>
          </tr>
          <tr>
            <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC</b> </font></td>
            <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
              </font></td>
          </tr>
          <tr>
            <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
            <td width="289" align="right"><font size="1"></font></td>
          </tr>
        </table>
        <br>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><b>CONSOLIDATED EARNING STATEMENT</b> <br>
                </font><font size="2">OTHER CONCEPTS <br>
                </font><font size="2">(Thousands of Pesos) </font></p>
            </td>
          </tr>
        </table>
        <br>
        <table border=0 cellspacing=0 cellpadding=0 width="600">
          <tr valign="bottom">
            <td valign=top align="center" colspan="7">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom">
            <td valign=top align="center">
              <p><b><font size="2">REF </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td valign=middle align="center">
              <p><b><font size="2">CATEGORIES </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">QUARTER OF <br>
                PRESENT <br>
                FINANCIAL YEAR </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">QUARTER OF <br>
                PREVIOUS <br>
                FINANCIAL YEAR </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="center" colspan="3">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">R </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p>&nbsp;</p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">AMOUNT </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp;AMOUNT </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center" colspan="7">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">36 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">TOTAL SALES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">2,140,651 </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">1,691,977 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">37 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NETR INCOME OF THE YEAR </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">38 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET SALES (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">2,567,476 </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">2,049,268 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">39 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">OPERATION INCOME (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">417,485 </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">219,141 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">40 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET INCOME OF MAJORITY INTEREST (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">335,870 </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">189,426 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">41 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET CONSOLIDATED INCOME (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">335,870 </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">189,442 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center" colspan="7">
              <hr noshade size="1">
            </td>
          </tr>
        </table>
        <br>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="left">
            <td colspan="2">
              <p><font size="2">&nbsp;&nbsp;&nbsp;(***) THE RESTATED INFORMATION
                FOR THE LAST TWELVE MONTHS SHOULD BE USED </font></p>
            </td>
          </tr>
        </table>
        <p>&nbsp; </p>
        <table width=600>
          <tr>
            <td width=60 align=left><font size=1>&nbsp;</font></td>
            <td width=480 align=center><font size="2"> </font></td>
            <td width=60 align=right><font size="1">&nbsp;</font></td>
          </tr>
        </table>
        <p>&nbsp;
        <hr size=5 noshade width=600 align=LEFT>
        <p>&nbsp; <!-- *************************************************************************** -->
          <!-- MARKER PAGE="sheet: 4; page: 4" -->
        <p>&nbsp;
      </div>
    </div>
    <div>
      <table width="600" border="0" cellspacing="0" cellpadding="0">
        <tr align="center">
          <td colspan="2">
            <p><font size="3">MEXICAN STOCK EXCHANGE <br>
              SIFIC / ICS </font></p>
          </td>
        </tr>
        <tr>
          <td colspan="2">&nbsp;</td>
        </tr>
        <tr>
          <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC </b> </font></td>
          <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
            </font></td>
        </tr>
        <tr>
          <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
          <td width="289" align="right"><font size="1"></font></td>
        </tr>
      </table>
      <br>
      <table width="600" border="0" cellspacing="0" cellpadding="0">
        <tr align="center">
          <td colspan="2">
            <p><font size="2"><b>CONSOLIDATED EARNING STATEMENT OF THE THIRD QUARTER</b>
              <br>
              </font><font size="2">FROM JULY 1 TO SEPTEMBER 30 OF 2003 AND 2002
              <br>
              </font><font size="2">(Thousands of Pesos) </font></p>
          </td>
        </tr>
      </table>
      <br>
      <table border=0 cellspacing=0 cellpadding=0 width="650">
        <tr valign="bottom">
          <td valign=top align="center" colspan="12">
            <hr noshade size="1">
          </td>
        </tr>
        <tr valign="bottom">
          <td valign=top align="center">
            <p><b><font size="2">REF </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="center" valign=middle>
            <p><b><font size="2">CATEGORIES </font></b></p>
          </td>
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td colspan="4" align="center">
            <p><b><font size="2">QUARTER OF <br>
              PRESENT <br>
              FINANCIAL <br>
              YEAR </font></b></p>
          </td>
          <td colspan="4" align="center">
            <p><b><font size="2">QUARTER OF <br>
              PREVIOUS <br>
              FINANCIAL <br>
              YEAR </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">&nbsp;</td>
          <td>&nbsp;</td>
          <td align="center">&nbsp;</td>
          <td align="center">&nbsp;</td>
          <td colspan="8" align="center">
            <hr noshade size="1">
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">R </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="center">
            <p>&nbsp;</p>
          </td>
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">AMOUNT </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">% </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">AMOUNT </font></b></p>
          </td>
          <td colspan="2" align="center">
            <p><b><font size="2">&nbsp;% </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td colspan="12" align="center">
            <hr noshade size="1">
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">1 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">NET SALES </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">716,459 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">547,962 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">100 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">2 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">COST OF SALES </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">465,386 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">65 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">371,220 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">68 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">3 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">GROSS INCOME </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">251,073 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">35 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">176,742 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">32 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">4 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">OPERATING EXPENSES </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">115,001 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">16 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">112,475 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">21 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">5 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">OPERATING INCOME </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">136,072 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">19 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">64,267 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">12 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">6 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">TOTAL FINANCING COST </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">(2,093 </font></p>
          </td>
          <td align="left">
            <p><font size="2">) </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">11,304 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">2 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">7 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">INCOME AFTER FINANCING COST </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">138,165 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">19 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">52,963 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">10 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">8 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">OTHER FINANCIAL OPERATIONS </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">1,401 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">(2,969 </font></p>
          </td>
          <td align="left">
            <p><font size="2">) </font></p>
          </td>
          <td align="right">
            <p><font size="2">(1 </font></p>
          </td>
          <td align="left">
            <p><font size="2">) </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">9 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">INCOME BEFORE TAXES AND WORKERS&#146; PROFIT
              </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">SHARING </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">136,764 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">19 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">55,932 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">10 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">10 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">RESERVE FOR TAXES AND WORKERS&#146; PROFIT </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">SHARING </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">15,705 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">2 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">(5,514 </font></p>
          </td>
          <td align="left">
            <p><font size="2">) </font></p>
          </td>
          <td align="right">
            <p><font size="2">(1 </font></p>
          </td>
          <td align="left">
            <p><font size="2">) </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">11 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">NET INCOME AFTER TAXES AND WORKERS&#146; PROFIT
              </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">SHARING </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">121,059 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">17 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">61,446 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">11 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">12 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">SHARE IN NET INCOME OF SUBSISIARIES AND </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">NON-CONSOLIDATED ASSOCIATES </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">13 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">CONSOLIDATED NET INCOME FROM CONTINUOUS </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">OPERATIONS </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">121,059 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">17 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">61,446 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">11 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">14 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">INCOME FROM DISCONTINUOUS OPERATIONS </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">15 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">CONSOLIDATED NET INCOME BEFORE </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">EXTRAORDINARY ITEMS </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">121,059 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">17 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">61,446 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">11 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">16 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">EXTRAORDINARY ITEMS NET EXPENSES (INCOME) </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">17 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">NET EFFECT AT THE BEGINNING OF THE YEAR BY </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">CHANGES IN ACCOUNTING PRINCIPLES </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">18 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">NET CONSOLIDATED INCOME </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">121,059 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">17 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">61,446 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">11 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><font size="2">19 </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td>
            <p><font size="2">NET INCOME OF MINORITY INTEREST </font></p>
          </td>
          <td>
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
          <td align="right">
            <p><font size="2">0 </font></p>
          </td>
          <td align="left">
            <p><font size="2">&nbsp; </font></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center">
            <p><b><font size="2">20 </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td>
            <p><b><font size="2">NET INCOME OF MAJORITY INTEREST </font></b></p>
          </td>
          <td>
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">121,059 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">17 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">61,446 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
          <td align="right">
            <p><b><font size="2">11 </font></b></p>
          </td>
          <td align="left">
            <p><b><font size="2">&nbsp; </font></b></p>
          </td>
        </tr>
        <tr valign="bottom">
          <td align="center" colspan="12">
            <hr noshade size="1">
          </td>
        </tr>
      </table>
      <p>&nbsp; </p>
      <table width=600>
        <tr>
          <td width=60 align=left><font size=1>&nbsp;</font></td>
          <td width=480 align=center><font size="2"> </font></td>
          <td width=60 align=right><font size="1">&nbsp;</font></td>
        </tr>
      </table>
      <p>&nbsp;
      <hr size=5 noshade width=600 align=LEFT>
      <p>&nbsp; <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 4; page: 4" -->
      <p><font face="Times New Roman" size="3"> </font>
      <div>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><font size="3">MEXICAN STOCK EXCHANGE <br>
                </font> </font><font size="3">SIFIC / ICS </font></p>
            </td>
          </tr>
          <tr>
            <td colspan="2">&nbsp;</td>
          </tr>
          <tr>
            <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC </b>
              </font></td>
            <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
              </font></td>
          </tr>
          <tr>
            <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
            <td width="289" align="right"><font size="1"></font></td>
          </tr>
        </table>
        <br>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><b>CONSOLIDATED EARNING STATEMENT OF THE THIRD
                QUARTER</b> <br>
                </font><font size="2">BREAKDOWN OF MAIN CONCEPTS <br>
                </font><font size="2">FROM JULY 1 TO SEPTEMBER 30 OF 2003 AND
                2002 <br>
                </font><font size="2">(Thousands of Pesos) </font><font size="2">
                </font></p>
            </td>
          </tr>
        </table>
        <br>
        <table border=0 cellspacing=0 cellpadding=0 width="650">
          <tr valign="bottom">
            <td valign=top align="center" colspan="12">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom">
            <td valign=top align="center">
              <p><b><font size="2">REF </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center" valign=middle>
              <p><b><font size="2">CATEGORIES </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td colspan="4" align="center">
              <p><b><font size="2">QUARTER OF <br>
                PRESENT <br>
                FINANCIAL <br>
                YEAR </font></b></p>
            </td>
            <td colspan="4" align="center">
              <p><b><font size="2">QUARTER OF <br>
                PREVIOUS <br>
                FINANCIAL <br>
                YEAR </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">&nbsp;</td>
            <td>&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td colspan="8" align="center">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">R </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p>&nbsp;</p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td colspan="2" align="center">
              <p><b><font size="2">AMOUNT </font></b></p>
            </td>
            <td colspan="2" align="center">
              <p><b><font size="2">% </font></b></p>
            </td>
            <td colspan="2" align="center">
              <p><b><font size="2">AMOUNT </font></b></p>
            </td>
            <td colspan="2" align="center">
              <p><b><font size="2">&nbsp;% </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td colspan="12" align="center">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">1 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">NET SALES </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">716,459 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">100 </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">547,962 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">100 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">21 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">DOMESTIC </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">637,148 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">89 </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">472,159 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">86 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">22 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">FOREIGN </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">79,311 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">11 </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">75,803 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">14 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">23 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">TRANSLATED INTO DOLLARS (***) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">7,345 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p>&nbsp;</p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">7,313 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">6 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">TOTAL FINANCING COST </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">(2,093 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">) </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">100 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">11,304 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">100 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">24 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">INTEREST PAID </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">604 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">(29 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
            <td align="right">
              <p><font size="2">10,295 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">91 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">25 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">EXCHANGE LOSSES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">6,435 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">57 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">26 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">INTEREST EARNED </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">848 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">(41 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
            <td align="right">
              <p><font size="2">336 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">3 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">27 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">EXCHANGE PROFITS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">5,858 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">(280 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">28 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">GAIN FROM MONETARY POSITION </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">4,009 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">(192 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
            <td align="right">
              <p><font size="2">(5,090 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
            <td align="right">
              <p><font size="2">(45 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">8 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">OTHER FINANCIAL OPERATIONS </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">1,401 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">100 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">(2,969 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">) </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">100 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">29 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">OTHER NET EXPENSES (INCOME) NET </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">1,401 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">100 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">(2,969 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
            <td align="right">
              <p><font size="2">100 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">30 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">(PROFIT LOSS ON SALE OF OWN SHARES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">31 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">(PROFIT LOSS ON SALE OF SHORT-TERM INVESTMENTS
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">10 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">RESERVE FOR TAXESS AND WORKERS&#146; PROFIT
                SHARING </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">15,705 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">100 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">(5,514 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">) </font></b></p>
            </td>
            <td align="right">
              <p><b><font size="2">100 </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">32 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">INCOME TAX </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">7,946 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">51 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">9,448 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">(171 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">33 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">DEFERED INCOME TAX </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">7,397 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">47 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">(15,011 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
            <td align="right">
              <p><font size="2">272 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">34 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">WORKERS&#146; PROFIT SHARING </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">362 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">2 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">49 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">(1 </font></p>
            </td>
            <td align="left">
              <p><font size="2">) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">35 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">DEFERED WORKERS&#146; PROFIT SHARING </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center" colspan="12">
              <hr noshade size="1">
            </td>
          </tr>
        </table>
        <br>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="left">
            <td colspan="2">
              <p><font size="2">&nbsp;&nbsp;&nbsp;(***) THOUSANDS OF DOLLARS </font></p>
            </td>
          </tr>
        </table>
        <p>&nbsp; </p>
        <table width=600>
          <tr>
            <td width=60 align=left><font size=1>&nbsp;</font></td>
            <td width=480 align=center><font size="2"> </font></td>
            <td width=60 align=right><font size="1">&nbsp;</font></td>
          </tr>
        </table>
        <p>&nbsp;
        <hr size=5 noshade width=600 align=LEFT>
        <p>&nbsp; <!-- *************************************************************************** -->
          <!-- MARKER PAGE="sheet: 4; page: 4" -->
        <p>&nbsp;
      </div>
      <div>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><font size="3">MEXICAN STOCK EXCHANGE <br>
                </font> </font><font size="3">SIFIC / ICS </font></p>
            </td>
          </tr>
          <tr>
            <td colspan="2">&nbsp;</td>
          </tr>
          <tr>
            <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC</b> </font></td>
            <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
              </font></td>
          </tr>
          <tr>
            <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
            <td width="289" align="right"><font size="1"></font></td>
          </tr>
        </table>
        <br>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><b>CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL
                POSITION</b> <br>
                </font><font size="2">FROM JANUARY 1 TO SEPTEMBER 30 OF 2003 AND
                2002 <br>
                </font><font size="2">(Thousands of Pesos) </font><font size="2">
                </font></p>
            </td>
          </tr>
        </table>
        <br>
        <table border=0 cellspacing=0 cellpadding=0 width="640">
          <tr valign="bottom" align="center">
            <td colspan="7"><b></b><b></b><b></b><b></b><b></b><b></b>
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom" align="center">
            <td valign="top">
              <p><b><font size="2">REF </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td valign="middle">
              <p><b><font size="2">CATEGORIES </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">QUARTER OF <br>
                PRESENT <br>
                FINANCIAL YEAR </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">QUARTER OF <br>
                PREVIOUS <br>
                FINANCIAL YEAR </font></b></p>
            </td>
          </tr>
          <tr valign="bottom" align="center">
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td colspan="3">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom" align="center">
            <td>
              <p><b><font size="2">C </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p>&nbsp;</p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">AMOUNT </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp;AMOUNT </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center" colspan="7">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">1 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CONSOLIDATED NET INCOME </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">280,991 </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">66,338 </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">2 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">146,506 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">100,569 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">3 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CASH FLOW FROM NET INCOME OF THE YEAR </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">427,497 </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">166,907 </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">4 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH FLOW FROM CHANGE IN WORKING CAPITAL </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(179,951) </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(75,366) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">5 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CASH GENERATED (USED) IN OPERATING ACTIVITIES
                </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">247,546 </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">91,541 </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">6 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH FLOW FROM EXTERNAL FINANCING </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(330,006) </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(398,291) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">7 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH FLOW FROM INTERNAL FINANCING </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">331,846 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">285,938 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">RECURSOS GENERADOS (UTILIZADOS) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">8 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CASH FLOW GENERATED (USED) BY FINANCING </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">1,840 </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">(112,353) </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">9 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CASH FLOW GENERATED (USED) IN INVESTMENT </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">ACTIVITIES </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">(16,266) </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">(12,902) </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">10 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">INVESTMENTS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">233,120 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(33,714) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">11 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH AND SHORT-TERM INVESTMENTS AT THE </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">BEGINNING OF PERIOD </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">111,567 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">66,259 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">12 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH AND SHORT TERM INVESTMENTS AT THE END </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">OF PERIOD </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">344,687 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">32,545 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center" colspan="7">
              <hr noshade size="1">
            </td>
          </tr>
        </table>
        <p>&nbsp; </p>
        <table width=600>
          <tr>
            <td width=60 align=left><font size=1>&nbsp;</font></td>
            <td width=480 align=center><font size="2"> </font></td>
            <td width=60 align=right><font size="1">&nbsp;</font></td>
          </tr>
        </table>
        <p>&nbsp;
        <hr size=5 noshade width=600 align=LEFT>
        <p>&nbsp; <!-- *************************************************************************** -->
          <!-- MARKER PAGE="sheet: 4; page: 4" -->
        <p>&nbsp;
      </div>
      <div>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><font size="3">MEXICAN STOCK EXCHANGE <br>
                </font> </font><font size="3">SIFIC / ICS </font></p>
            </td>
          </tr>
          <tr>
            <td colspan="2">&nbsp;</td>
          </tr>
          <tr>
            <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC</b> </font></td>
            <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
              </font></td>
          </tr>
          <tr>
            <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
            <td width="289" align="right"><font size="1"></font></td>
          </tr>
        </table>
        <br>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><b>CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL
                POSITION</b> <br>
                </font><font size="2">BREAKDOWN OF MAIN CONCEPTS <br>
                </font><font size="2">(Thousands of Pesos) </font></p>
            </td>
          </tr>
        </table>
        <br>
        <table border=0 cellspacing=0 cellpadding=0 width="640">
          <tr valign="bottom" align="center">
            <td valign="top" colspan="7">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom" align="center">
            <td valign="top">
              <p><b><font size="2">REF </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td valign="middle">
              <p><b><font size="2">CATEGORIES </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">QUARTER OF <br>
                PRESENT <br>
                FINANCIAL YEAR </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">QUARTER OF <br>
                PREVIOUS <br>
                FINANCIAL YEAR </font></b></p>
            </td>
          </tr>
          <tr valign="bottom" align="center">
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td colspan="3">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom" align="center">
            <td>
              <p><b><font size="2">C </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p>&nbsp;</p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">AMOUNT </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp;AMOUNT </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center" colspan="7">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">2 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">+ (-) ITEMS ADDED TO INCOME WHICH DO NOT </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">REQUIRE CASH </font></b><b><font size="2">
                </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">146,506 </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">100,569 </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">13 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">DEPRECIATION AND AMORTIZATION FOR THE YEAR </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">133,801 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">113,679 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">14 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) NET INCREASE (DECREASE IN PENSIONS FUNS
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">AND SENIORITY PREMIUMS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">15 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) NET LOSS (PROFIT) IN MONEY EXCHANGE </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">16 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) NET LOSS (PROFIT) IN ASSETS AND LIABILITIES
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">ACTUALIZATION </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">17 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) OTHER ITEMS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">40 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) OTHER ITEMS WHICH DO NOT AFFECT EBITDA </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">12,705 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(13,110) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td align="center">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">4 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CASH FLOW FROM CHANGE IN WORKING CAPITAL </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">(179,951) </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">(75,366) </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">18 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) DECREASE (INCREASE) IN ACCOUNT RECEIVABLES
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(10,827) </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(49,203) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">19 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) DECREASE (INCREASE) IN INVENTORIES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">23,680 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(12,993) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">20 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) DECREASE (INCREASE) IN OTHER ACCOUNT </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">RECEIVABLES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">29,429 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(26,871) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">21 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) INCREASE (DECREASE) IN SUPPLIER ACCOUNT
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(23,817) </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">61,625 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">22 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) INCREASE (DECREASE) IN OTHER LIABILITIES
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(198,416) </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(47,924) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td align="center">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">6 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CASH FLOW FROM EXTERNAL FINANCING </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">(330,006) </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">(398,291) </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">23 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ SHORT-TERM BANK AND STOCK MARKET FINANCING </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">1,298 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(368,246) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">24 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ LONG-TERM BANK AND STOCK MARKET FINANCING </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">409,665 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">25 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ DIVIDEND RECEIVED </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">26 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">OTHER FINANCING </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">27 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">(-) BANK FINANCING AMORTIZATION </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(331,304) </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(437,704) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">28 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">(-) STOCK MARKET AMORTIZATION </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(2,006) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">29 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">(-) OTHER FINANCING AMORTIZATION </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td align="center">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">7 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CASH FLOW FROM INTERNAL FINANCING </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">331,846 </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">285,938 </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">30 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ (-) INCREASE (DECREASE) IN CAPITAL STOCK </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">181,432 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">285,938 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">31 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">(-) DIVIDENDS PAID </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">32 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ PREMIUM ON SALE OF SHARES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">33 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ CONTRIBUTION FOR FUTURE CAPITAL INCREASES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">150,414 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td align="center">&nbsp;</td>
            <td align="center">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">9 </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CASH FLOW GENERATED (UTILIZED) IN INVESTMENT
                </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">ACTIVITIES </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">(16,266) </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="center">
              <p><b><font size="2">(12,902) </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">34 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+(-) INCREASE (DECREASE) IN STOCK INVESTMENTS
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">OF A PERMANENT NATURE </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">35 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">(-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(11,966) </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(5,657) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">36 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">(-) INCREASE IN CONSTRUCTION PROGRESS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">37 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ SALO OF OTHER PERMANENT INVESTMENTS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">38 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+ SALE OF TANGIBLE FIXED ASSETS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">0 </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center">
              <p><font size="2">39 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">+(-) OTHER ITEMS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(4,300) </font></p>
            </td>
            <td align="center">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="center">
              <p><font size="2">(7,245) </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td align="center" colspan="7">
              <hr noshade size="1">
            </td>
          </tr>
        </table>
        <p>&nbsp; </p>
        <table width=600>
          <tr>
            <td width=60 align=left><font size=1>&nbsp;</font></td>
            <td width=480 align=center><font size="2"> </font></td>
            <td width=60 align=right><font size="1">&nbsp;</font></td>
          </tr>
        </table>
        <p>&nbsp;
        <hr size=5 noshade width=600 align=LEFT>
        <p>&nbsp; <!-- *************************************************************************** -->
          <!-- MARKER PAGE="sheet: 4; page: 4" -->
        <p>&nbsp;
      </div>
      <div>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><font size="3">MEXICAN STOCK EXCHANGE <br>
                </font> </font><font size="3">SIFIC / ICS </font></p>
            </td>
          </tr>
          <tr>
            <td colspan="2">&nbsp;</td>
          </tr>
          <tr>
            <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC</b> </font></td>
            <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
              </font></td>
          </tr>
          <tr>
            <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
            <td width="289" align="right"><font size="1"></font></td>
          </tr>
        </table>
        <br>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="center">
            <td colspan="2">
              <p><font size="2"><b>RATIOS <br>
                </b>CONSOLIDATED </font></p>
            </td>
          </tr>
        </table>
        <br>
        <table border=0 cellspacing=0 cellpadding=0 width="650">
          <tr valign="bottom" align="center">
            <td valign=top colspan="8">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom" align="center">
            <td valign=top>
              <p><b><font size="2">REF </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">CATEGORIES </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td colspan="2">
              <p><b><font size="2">QUARTER OF <br>
                PRESENT <br>
                FINANCIAL <br>
                YEAR </font></b><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td colspan="2">
              <p><b><font size="2">QUARTER OF <br>
                PREVIOUS <br>
                FINANCIAL YEAR </font></b></p>
            </td>
          </tr>
          <tr valign="bottom" align="center">
            <td height="18">&nbsp;</td>
            <td height="18">&nbsp;</td>
            <td height="18">&nbsp;</td>
            <td height="18">&nbsp;</td>
            <td height="18" colspan="4">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom" align="center">
            <td height="18">
              <p><b><font size="2">C </font></b></p>
            </td>
            <td height="18">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td height="18">
              <p>&nbsp;</p>
            </td>
            <td height="18">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td height="18" colspan="2">
              <p><b><font size="2">AMOUNT </font></b></p>
            </td>
            <td height="18" colspan="2">
              <p><b><font size="2">AMOUNT </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td colspan="8">
              <hr noshade size="1">
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">YIELD </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td>
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
            <td align="left">
              <p><b><font size="2">&nbsp; </font></b></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">1 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET INCOME TO NET SALES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">14.07% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">4.17% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">2 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET INCOME TO STOCKHOLDERS&#146; EQUITY (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">7.47% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">5.32% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">3 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET INCOME TO TOTAL ASSETS (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">5.88% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">3.64% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">4 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.00% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.00% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">5 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">INCOME DUE TO MONETARY POSITION TO NET INCOME
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">-0.24% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">37.54% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2"><b>ACTIVITY</b> </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">6 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET SALES TO NET ASSETS (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.45 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.39 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">7 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET SALES TO FIXED ASSETS (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.58 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.50 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">8 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">INVENTORIES ROTATION (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">6.70 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">4.48 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">9 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">ACCOUNTS RECEIVABLE IN DAYS OF SALES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">50 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;days </font></p>
            </td>
            <td align="right">
              <p><font size="2">57 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;days </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">10 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">PAID INTEREST TO TOTAL LIABILITIES WITH COST (**)
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">119.52% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">12.63% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2"><b>LEVERAGE</b> </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">11 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">TOTAL LIABILITIES TO TOTAL ASSETS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">21.26% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">31.59% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">12 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">TOTAL LIABILITIES TO STOCKHOLDERS&#146; EQUITY
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.27 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.46 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">13 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES
                </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">5.85% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">37.01% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">14 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">LONG-TERM LIABILITIES TO FIXED ASSETS </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.00% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">10.01% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">15 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">OPERATING INCOME TO INTEREST PAID </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">20.14 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">4.02 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">16 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">NET SALES TO TOTAL LIABILITIES (**) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">2.11 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">1.25 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2"><b>LIQUIDITY</b> </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">17 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CURRENT ASSETS TO CURRENT LIABILITIES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">3.29 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">1.72 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">18 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CURRENT ASSETS LESS INVENTORY TO CURRENT </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">LIABILITIES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">2.50 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">1.08 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">19 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CURRENT ASSETS TO TOTAL LIABILITIES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.87 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">0.50 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">20 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CURRENT ASSETS TO CURRENT LIABILITIES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">107.67% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">6.79% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
            <td align="right">&nbsp;</td>
            <td align="left">&nbsp;</td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2"><b>CASH FLOW </b> </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">21 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH FLOW FROM NET INCOME TO NET SALES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">21.41% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">10.49% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">22 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH FLOW FROM CHANGES IN WORKING CAPITAL </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">TO NET SALES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">-9.01% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">-4.74% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">23 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">CASH GENERATED (USED) IN OPERATING TO </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">INTEREST PAID </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">14.57 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
            <td align="right">
              <p><font size="2">1.98 </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp;times </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">24 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">EXTERNAL FINANCING TO CASH GENERATED </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">(USED) IN FINANCING </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">-17935.11% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">354.50% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">25 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">INTERNAL FINANCING TO CASH GENERATED (USED) </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">IN FINANCING </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">18035.11% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">-254.50% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">26 </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">TO CASH GENERATED (USED) IN INVESTMENT </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td>
              <p><font size="2">ACTIVITIES </font></p>
            </td>
            <td>
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">73.56% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
            <td align="right">
              <p><font size="2">43.85% </font></p>
            </td>
            <td align="left">
              <p><font size="2">&nbsp; </font></p>
            </td>
          </tr>
          <tr valign="bottom">
            <td colspan="8">
              <hr noshade size="1">
            </td>
          </tr>
        </table>
        <br>
        <table width="600" border="0" cellspacing="0" cellpadding="0">
          <tr align="left">
            <td colspan="2">
              <p><font size="2">&nbsp;&nbsp;&nbsp;(**) IN THESE RATIOS PROVIDE
                INFORMATION FOR THE LAST TWELVE MONTHS. </font></p>
            </td>
          </tr>
        </table>
        <p>&nbsp; </p>
        <table width=600>
          <tr>
            <td width=60 align=left><font size=1>&nbsp;</font></td>
            <td width=480 align=center><font size="2"> </font></td>
            <td width=60 align=right><font size="1">&nbsp;</font></td>
          </tr>
        </table>
        <p>&nbsp;
        <hr size=5 noshade width=600 align=LEFT>
        <p>&nbsp; <!-- *************************************************************************** -->
          <!-- MARKER PAGE="sheet: 4; page: 4" -->
        <p>&nbsp;
        <div>
          <table width="600" border="0" cellspacing="0" cellpadding="0">
            <tr align="center">
              <td colspan="2">
                <p><font size="3">MEXICAN STOCK EXCHANGE <br>
                  SIFIC / ICS </font></p>
              </td>
            </tr>
            <tr>
              <td colspan="2">&nbsp;</td>
            </tr>
            <tr>
              <td width="311"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC</b>
                </font></td>
              <td width="289" align="right"><font size="1">QUARTER: 3 YEAR: <b>2003</b>
                </font></td>
            </tr>
            <tr>
              <td width="311"><font size="1"><b>GRUPO SIMEC, S.A. DE C.V.</b>
                </font></td>
              <td width="289" align="right"><font size="1"></font></td>
            </tr>
          </table>
          <br>
          <table width="600" border="0" cellspacing="0" cellpadding="0">
            <tr align="center">
              <td colspan="2">
                <p><font size="3"><b><font size="2">DATA PER SHARE <br>
                  </font></b> </font><font size="2">CONSOLIDATED <br>
                  (Pesos) </font></p>
              </td>
            </tr>
          </table>
          <br>
          <table border=0 cellspacing=0 cellpadding=0 width="650">
            <tr valign="bottom" align="center">
              <td valign=top colspan="8">
                <hr noshade size="1">
              </td>
            </tr>
            <tr valign="bottom" align="center">
              <td valign=top width="31">
                <p><b><font size="2">REF </font></b></p>
              </td>
              <td width="7">
                <p><b><font size="2">&nbsp; </font></b></p>
              </td>
              <td width="426">
                <p><b><font size="2">CATEGORIES </font></b></p>
              </td>
              <td width="7">
                <p><b><font size="2">&nbsp; </font></b></p>
              </td>
              <td colspan="2">
                <p><b><font size="2">QUARTER OF <br>
                  PRESENT <br>
                  FINANCIAL<br>
                  YEAR </font></b><b><font size="2">&nbsp; </font></b></p>
              </td>
              <td colspan="2">
                <p><b><font size="2">QUARTER OF <br>
                  PREVIOUS <br>
                  FINANCIAL YEAR </font></b></p>
              </td>
            </tr>
            <tr valign="bottom" align="center">
              <td height="18" width="31">&nbsp;</td>
              <td height="18" width="7">&nbsp;</td>
              <td height="18" width="426">&nbsp;</td>
              <td height="18" width="7">&nbsp;</td>
              <td height="18" colspan="4">
                <hr noshade size="1">
              </td>
            </tr>
            <tr valign="bottom" align="center">
              <td height="18" width="31">
                <p><b><font size="2">C </font></b></p>
              </td>
              <td height="18" width="7">
                <p><b><font size="2">&nbsp; </font></b></p>
              </td>
              <td height="18" width="426">
                <p>&nbsp;</p>
              </td>
              <td height="18" width="7">
                <p><b><font size="2">&nbsp; </font></b></p>
              </td>
              <td height="18" colspan="2">
                <p><b><font size="2">AMOUNT </font></b></p>
              </td>
              <td height="18" colspan="2">
                <p><b><font size="2">AMOUNT </font></b></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td colspan="8">
                <hr noshade size="1">
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">1 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">BASIC PROFIT PER ORDINARY SHARE (**) </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">$2.94 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">$0.10 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">2 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">BASIC PROFIT PER PREFERENCE SHARE (**) </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">3 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">DILUTED PROFIT PER ORDINARY SHARE (**) </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">4 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">CONTINUOUS OPERATING PROFIT PER COMMON </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">SHARE (**) </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">$2.94 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">$0.10 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">5 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">EFFECT OF DISCONTINUED OPERATIONS ON </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">CONTINUOUS OPERATING PROFIT PER SHARE (**) </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">6 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">CONTINUOUS OPERATING PROFIT PER SHARE (**) </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">7 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">EFFECT BY CHANGES IN ACCOUNTING POLICIES ON
                  </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">CONTINUOUS OPERATING PROFIT PER SHARE (**) </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">8 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">CARRYING VALUE PER SHARE </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">$37.37 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">$1.65 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td height="14" width="31">
                <p><font size="2">9 </font></p>
              </td>
              <td height="14" width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td height="14" width="426">
                <p><font size="2">CASH DIVIDEND ACCUMULATED PER SHARE </font></p>
              </td>
              <td height="14" width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" height="14" width="43">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" height="14" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" height="14" width="39">
                <p><font size="2">$0.00 </font></p>
              </td>
              <td align="left" height="14" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">10 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">DIVIDEND IN SHARES PER SHARE </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">0.00 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp;shares </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">0.00 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp;shares </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">11 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">MARKET PRICE TO CARRYING VALUE </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">0.41 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp;times </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">0.40 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp;times </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">12 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">MARKET PRICE TO BASIC PROFIT PER COMMON SHARE
                  (**) </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">5.20 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp;times </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">6.60 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp;times </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">13 </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">MARKET PRICE TO BASIC PROFIT PER PREFERENCE
                  </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp; </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td width="31">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td width="426">
                <p><font size="2">SHARE (**) </font></p>
              </td>
              <td width="7">
                <p><font size="2">&nbsp; </font></p>
              </td>
              <td align="right" width="43">
                <p><font size="2">0.00 </font></p>
              </td>
              <td align="left" width="45">
                <p><font size="2">&nbsp;times </font></p>
              </td>
              <td align="right" width="39">
                <p><font size="2">0.00 </font></p>
              </td>
              <td align="left" width="52">
                <p><font size="2">&nbsp;times </font></p>
              </td>
            </tr>
            <tr valign="bottom">
              <td colspan="8">
                <hr noshade size="1">
              </td>
            </tr>
          </table>
          <br>
          <table width="600" border="0" cellspacing="0" cellpadding="0">
            <tr align="left">
              <td colspan="2">
                <p><font size="2">&nbsp;&nbsp;&nbsp;(**) TO CALCULATE THE DATA
                  PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS. </font></p>
              </td>
            </tr>
          </table>
          <p>&nbsp; </p>
          <table width=600>
            <tr>
              <td width=60 align=left><font size=1>&nbsp;</font></td>
              <td width=480 align=center><font size="2"> </font></td>
              <td width=60 align=right><font size="1">&nbsp;</font></td>
            </tr>
          </table>
          <p>&nbsp;
          <hr size=5 noshade width=600 align=LEFT>
          <p>&nbsp; <!-- *************************************************************************** -->
            <!-- MARKER PAGE="sheet: 4; page: 4" -->
          <p>&nbsp;
        </div>
      </div>
    </div>
  </div>
</div>
<table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="209"><font size="1"></font></td>
    <td width="32"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="157"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" width="209"><font size="1"><b>FINANCIAL STATEMENT NOTES
      (1) </b></font></td>
    <td width="32"><font size="1"></font></td>
    <td align="right" valign="bottom" width="157"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td width="209"><font size="1"></font></td>
    <td width="32"><font size="1"></font></td>
    <td align="center" valign="bottom" width="157"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>s35 Stockholders&#146; Equity:  <BR>Effects of inflation
- - The effects of inflation on stockholders&#146; equity at  September 30, 2003 are as follows:</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td colspan="2">
      <p><font size="2">Historical<br>
        Cost</font></p>
    </td>
    <td colspan="2">
      <p><font size="2">Restated<br>
        Amount</font></p>
    </td>
    <td colspan="2">
      <p><font size="2">Total</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Capital stock</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">Ps. 1,755,676</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">Ps. 1,116,475</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">Ps. 2,872,151</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Additional paid-in capital</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">549,517</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">64,000</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">613,517</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Contributions for future</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;capital increases</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">150,414</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">150,414</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Retained earnings</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">1,139,565</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">451,610</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">1,591,175</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Excess resulting from restating</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Stockholders&#146; equity to reflect</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Certain effects of inflation</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">84,965</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">84,965</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Effect deferred income tax </font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="left">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Bulletin D-4</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(662,340</font></p>
    </td>
    <td align="left">
      <p><font size="2">)</font></p>
    </td>
    <td align="right">
      <p><font size="2">(152,363</font></p>
    </td>
    <td align="left">
      <p><font size="2">)</font></p>
    </td>
    <td align="right">
      <p><font size="2">(814,703</font></p>
    </td>
    <td align="left">
      <p><font size="2">)</font></p>
    </td>
  </tr>
</table>
<p>
<table width=600><tr><td><font size=2>s39 Premium in subscription of Capital Stock
made in March 29, 2001.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>s44 In 1999, the Mexican Institute of Public
Accountants issued Bulletin D-4,  &#147;Accounting for Income and Asset Taxes and
Employee Profit Sharing&#148;, which is  effective for all fiscal years beginning January
1, 2000. Bulletin D-4  establishes financial accounting and reporting standards for the
effects of  asset tax, income tax and employee profit sharing that result from enterprise
activities during the current and preceding years. Simec&#146;s long-term liabilities
resulting from the adoption of this Bulletin was Ps. 885,430 at September 30,  2003
compared to Ps. 748,111 at September 30, 2002. The effect on Simec&#146;s  consolidated
statement of income in the nine-month period ended September 30,  2003 was an increase of
Ps. 12,706 in the provision for income tax and employee  profit sharing compared to a
decrease of Ps. 13,110 in the same period of 2002.  These provisions do not affect the
cash flow of Simec.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>r24 We don&#146;t have interest paid in UDI&#146;s</font></td></tr></table>

<p><table width=600><tr><td><font size=2>r26 We don&#146;t have interest earned in UDI&#146;s</font></td></tr></table>

<p><table width=600><tr><td><font size=2>c02 Consolidated Statements of Changes in
Financial Position</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The net loss in money exchange and net profit in
liabilities actualization are  as follows:</font></td></tr></table>


<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td valign="bottom" width="243"><font size="2"></font></td>
    <td valign="bottom" width="27"><font size="2"></font></td>
    <td valign="bottom" width="15"><font size="2"></font></td>
    <td valign="bottom" colspan="2" align="center"><font size="2">September 30,
      2003</font></td>
    <td valign="bottom" width="12" align="center"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" width="26" align="center"><font size="2"></font></td>
    <td valign="bottom" width="14" align="center"><font size="2"></font></td>
    <td valign="bottom" colspan="3" align="center"><font size="2">September 30,
      2002&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="243"><font size="2">Net loss (profit)
      in money exchange</font></td>
    <td valign="bottom" width="27"><font size="2">Ps.</font></td>
    <td valign="bottom" width="15"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" align="right" width="86"><font size="2">4,903</font></td>
    <td valign="bottom" align="left" width="41"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" align="left" width="12">&nbsp;</td>
    <td valign="bottom" width="26"><font size="2">Ps.</font></td>
    <td valign="bottom" width="14"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" align="right" width="88"><font size="2">67,395</font></td>
    <td align="left" valign="bottom" width="29">&nbsp;</td>
    <td align="left" valign="bottom" width="19">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="243"><font size="2">Net loss (profit)
      in liabilities actualization</font></td>
    <td valign="bottom" width="27">&nbsp;</td>
    <td valign="bottom" width="15">&nbsp;</td>
    <td valign="bottom" align="right" width="86"><font size="2">(7,918</font></td>
    <td valign="bottom" align="left" width="41"><font size="2">)</font></td>
    <td valign="bottom" align="left" width="12">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="14">&nbsp;</td>
    <td valign="bottom" align="right" width="88"><font size="2">(33,055</font></td>
    <td align="left" valign="bottom" width="29"><font size="2">)</font></td>
    <td align="left" valign="bottom" width="19">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 5; page: 5" -->




<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="151"><font size="1"></font></td>
    <td width="48"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="171"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" width="151"><font size="1"></font></td>
    <td width="48"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" width="151"><font size="1"><b>DIRECTOR REPORT (1)</b></font></td>
    <td width="48"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="151"><font size="1"></font></td>
    <td width="48"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="151"><font size="1"><b>ANNEX 1</b></font></td>
    <td width="48"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"><b>&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;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=2>INFORMATION CONCERNING LIQUIDITY
AND CAPITAL RESOURCES AND DEBT OBLIGATIONS <BR>WITH BANKS AND COMMERCIAL CREDITORS</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Liquidity and Capital Resources</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>At September 30, 2003, Simec&#146;s total
consolidated debt consisted of  approximately $2.0 million of U.S. dollar-denominated
debt, while at December  31, 2002, Simec had outstanding approximately $47.8 million of
U.S.  dollar-denominated debt (including $14.4 million of debt owed to its parent
company Industrias CH, S.A. de C.V.) (&#147;ICH&#148;); Simec&#146;s lower debt level at
September 30, 2003 reflected the prepayment of $30 million of bank debt in 2003  (Simec
financed $16.2 million of this prepayment with loans from ICH), the  semi-annual
amortization installment on its bank debt of $1.4 million in May  2003, the conversion to
common stock in March 2003 of $16.1 million of loans  (plus accrued interest thereon)
from ICH at a conversion price equivalent to  U.S. $1.35 (Ps.14.588) per American
Depositary Share and a capital contribution  from ICH to Simec in the amount of $14.5
million (the proceeds of which were  used to retire debt owed to ICH) for capital stock
to be issued at the end of  this year. Simec&#146;s remaining outstanding $1.7 million of bank
debt consisted of  (i) $0.2 million which matures in 2007 and amortizes in equal
semi-annual  installments and (ii) $1.5 million which matures in 2009 and has no
amortization  payments. In addition Simec had outstanding $302,000 of 8 7/8% MTN&#146;s due
1998  (accrued interest at September 30, 2003 was $248,348) which were issued in 1993  as
part of a $68 million issuance. At September 30, 2003 Simec owed no debt to  ICH.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>At September 30, 2003, Compa&#241;ia Sider&#250;rgica
de Guadalajara, S.A. de  C.V. (&#147;CSG&#148;) was not in compliance with various
financial covenants contained in  its bank loan instruments pursuant to which Simec&#146;s
$1.7 million of bank debt is  outstanding. In accordance with Mexican generally accepted
accounting  principles, Simec&#146;s long term bank debt has been reclassified as current
liabilities. The cause of the non compliance is intercompany debt owed from CSG  to its
parent company Simec.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In February 2003, Simec effected a 1 for 20
reverse split of its Series B common  stock; as a result its American Depositary Shares
now represent 1 share of  Series B Common Stock. In March 2003, ICH converted
approximately $16.1 million  of loans to Simec plus accrued interest thereon (which loans
were made to fund  the prepayment of Simec bank debt) into common shares of Simec at a
conversion  price equivalent to U.S. $1.35 per American Depositary Share. On October 2,
2003, certain minority shareholders of Simec exercised their pre-emptive rights  arising
as a result of the conversion of ICH debt to purchase capital stock for  Ps. 19.2 million
at the price per share of Ps. 14.588 (the equivalent of U.S.  $1.35 per American
Depositary Share). In May 2003, ICH made a capital  contribution to Simec in the amount
of $14.5 million (the proceeds of which were  used to retire debt owed to ICH) for
capital stock to be issued in the fourth  quarter of 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Net resources provided by operations were Ps.
248 million in the nine-month  period ended September 30, 2003 (which amount reflects the
conversion of loans  of ICH into common shares of Simec for Ps. 181 million) versus Ps.
92 million of  net resources provided in operations in the same period of 2002. Net
resources  provided by financing activities were Ps. 2 million in the nine-month period
ended September 30, 2003 (which amount reflects the semi-annual amortization  installment
on its bank debt of Ps. 15 million ($1.4 million), the prepayment of  Ps. 316 million
($30 million) of bank debt, the conversion by ICH of Ps. 181  million of loans (plus
accrued interest thereon) into common shares and a  capital contribution from ICH to
Simec in the amount of Ps. 150 million ($14.5  million) for capital stock to be issued in
the fourth quarter of 2003) versus  Ps. 112 million of net resources used by financing
activities in the same period  of 2002 (which amount reflects the semi-annual
amortization installment on its  bank debt of Ps. 44 million ($4 million), the prepayment
of Ps. 394 million ($39  million) of bank debt, the conversion by ICH of Ps. 259 million
of loans into  common shares and the exercise by certain minority shareholders of their
pre-emptive rights arising as a result of the conversion of ICH debt to purchase  capital
stock for Ps. 27). Net resources </font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 6; page: 6" -->
<p>&nbsp;
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="147"><font size="1"></font></td>
    <td width="52"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="171"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" width="147"><font size="1"></font></td>
    <td width="52"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" width="147"><font size="1"><b>DIRECTOR REPORT (1)</b></font></td>
    <td width="52"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="147"><font size="1"></font></td>
    <td width="52"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="147"><font size="1"><b>ANNEX 1</b></font></td>
    <td width="52"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"><b>&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;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>used in investing activities (to  acquire
property, plant and equipment and other non-current assets) were Ps. 16  million in the
nine-month period ended September 30, 2003 versus net resources  used in investing
activities of Ps. 13 million in the same period of 2002.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION  <BR>AND RESULTS OF OPERATIONS</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Nine-Month Period Ended September 30, 2003
compared to Nine-Month Period Ended  September 30, 2002</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Net Sales</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Net sales of Simec increased 26% to Ps. 1,997
million in the nine-month period  ended September 30, 2003 compared to Ps. 1,591 million
in the same period of  2002. Sales in tons of basic steel products increased 3% to
463,286 tons in the  nine month-period ended September 30, 2003 compared to 451,037 tons
in the same  period of 2002. Exports of basic steel products decreased to 54,047 tons in
the  nine month-period ended September 30, 2003 versus 61,853 tons in the same period  of
2002 due to higher margins for domestic sales in the 2003 period.  Additionally Simec
sold 47,049 tons of billet in the nine-month period ended  September 30, 2003 compared to
21,476 tons of billet in the same period of 2002.  The average price of steel products
increased 18% in real terms in the  nine-month period ended September 30, 2003 versus the
prior comparable period.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><i>Direct Cost of Sales </i><br>
      <br>
      Simec&#146;s direct cost of sales increased 22% to Ps. 1,308 million in
      the nine-month period ended September 30, 2003 compared to Ps. 1,067 million
      in the same period of 2002. Direct cost of sales as a percentage of net
      sales decreased to 65% in the nine-month period ended September 30, 2003
      from 67% in the September 30, 2002 period. The average cost of raw materials
      used to produce steel products increased 15% in real terms in the nine-month
      period ended September 30, 2003 versus the same period of 2002 primarily
      as a result of increases in the price of scrap, electricity and gas.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><I>Marginal Profit</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec&#146;s marginal profit increased 31% to
Ps. 689 million in the nine-month  period ended September 30, 2003 compared to Ps. 524
million in the same period  of 2002. As a percentage of net sales, marginal profit was
35% in the nine-month  period ended September 30, 2003 compared to 33% in the prior
comparable period.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Indirect Manufacturing, Selling, General And
Administrative Expenses</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Indirect manufacturing, selling, general, and
administrative expenses (which  include depreciation and amortization) increased 3% to
Ps. 347 million in the  nine-month period ended September 30, 2003 from Ps. 338 million
in the same  period of 2002; this increase was due to an increase of Ps. 20 million in
depreciation and amortization expense which in the nine-month period ended  September 30,
2003 was Ps. 134 million compared to Ps. 114 million in the same  period of 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Operating Income</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec&#146;s operating income increased 84% to
Ps. 342 million in the nine-month  period ended September 30, 2003 compared to Ps. 186
million in the same period  of 2002. Operating income was 17% of net sales in the
nine-month period ended  September 30, 2003 and 12% of net sales in the same period of
2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Financial Income (Expense)</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec recorded financial expense in the
nine-month period ended September 30,  2003 of Ps. 24 million compared to financial
expense of Ps. 116 million in the  same period of 2002. Simec recorded an exchange loss
of </font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 7; page: 7" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size=3>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="151"><font size="1"></font></td>
    <td width="48"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="171"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" width="151"><font size="1"></font></td>
    <td width="48"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" width="151"><font size="1"><b>DIRECTOR REPORT (1)</b></font></td>
    <td width="48"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="151"><font size="1"></font></td>
    <td width="48"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="216"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="151"><font size="1"><b>ANNEX 1</b></font></td>
    <td width="48"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"><b>&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;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>approximately Ps. 9  million in the nine-month
period ended September 30, 2003 compared to an  exchange loss of Ps. 95 million in the
same period of 2002 reflecting the 6%  decrease in the value of the peso versus the
dollar in the nine-month period  ended September 30, 2003 versus a decrease of 11% in the
value of the peso  versus the dollar in the September 30, 2002 period and lower debt
levels in the  2003 period. Net interest expense was Ps. 14 million in the nine-month
period  ended September 30, 2003 versus Ps. 45 million during the same period of 2002
reflecting a lower amount of debt outstanding during the 2003 period. Simec  recorded a
loss from monetary position of Ps. 1 million in the nine month period  ended September
30, 2003 compared to a gain from monetary position of Ps. 24  million in the September
30, 2002 period, reflecting the domestic inflation rate  of 2.3% in the nine-month period
ended September 30, 2003 as compared to 3.9% in  the first nine months of 2002 and lower
debt levels during the 2003 period.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Other Income (Expense), Net</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec recorded other income, net, of Ps. 0
million in the nine-month period  ended September 30, 2003 compared to other income, net,
of Ps. 10 million in the  same period of 2002 (reflecting (i) other income relating to
tax benefits  associated with the acquisition of machinery and equipment made in 2001 of
Ps. 6  million, (ii) a gain of Ps. 2 million in respect of $200,000 principal amount of
Simec&#146;s MTNs which were acquired at 50% of the principal amount thereof, without
provision for accrued interest, and were subsequently cancelled, (iii) income of  Ps. 3
million relating to insurance payments received in respect of the  breakdown of the scrap
shredder machine at the Mexicali mini-mill and (iv)  expenses related to other financial
operations of Ps. 1 million).</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Income Tax and Employee Profit Sharing</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec recorded a provision of Ps. 37 million for
income tax and employee profit  sharing in the nine-month period ended September 30, 2003
(including an increase  in the provision of Ps. 13 million from the application of
Bulletin D-4 with  respect to deferred income tax described below) compared to a
provision of Ps.  14 million in the same period of 2002 (including a decrease in the
provision of  Ps. 13 million from the application of Bulletin D-4 with respect to
deferred  income tax described below).</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Net Income</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>As a result of the foregoing, Simec recorded net
income of Ps. 281 million in  the nine-month period ended September 30, 2003 compared to
net income of Ps. 66  million in the nine-month period ended September 30, 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Recent Pronouncements Applicable to Mexican
GAAP</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>In 1999, the Mexican Institute of Public
Accountants issued Bulletin D-4,  &#147;Accounting for Income and Asset Taxes and
Employee Profit Sharing&#148;, which is  effective for all fiscal years beginning January
1, 2000. Bulletin D-4  establishes financial accounting and reporting standards for the
effects of  asset tax, income tax and employee profit sharing that result from enterprise
activities during the current and preceding years. Simec&#146;s long-term liabilities
resulting from the adoption of this Bulletin was Ps. 885 million at September  30, 2003
compared to Ps. 748 million at September 30, 2002. The effect on  Simec&#146;s consolidated
statement of income in the nine-month period ended  September 30, 2003 was an increase of
Ps. 13 million in the provision for income  tax and employee profit sharing compared to a
decrease of Ps. 13 million in the  same period of 2002. These provisions do not affect
the cash flow of Simec.</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 8; page: 8" -->





<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="23"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="182"><font size="1"></font></td>
    <td width="36"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="171"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" width="182"><font size="1"></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" width="182"><font size="1"><b>FINANCIAL STATEMENT NOTES(1)</b></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" valign="bottom" width="182"><font size="1"></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" valign="bottom" width="182"><font size="1"><b>ANNEX 2</b></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"><b>&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;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>(1) Operations preparation bases and summary
of significant accounting policies:</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Grupo Simec, S.A. de C.V. and its Subsidiaries
(&#147;the Company&#148;) are subsidiaries  of Industrias CH, S.A. de C.V.
(&#147;ICH&#148;), and their main activities consist of the  manufacturing and sale of
steel products primarily destined for the construction  sector of Mexico and other
countries.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Significant accounting policies and practices
followed by the Companies which  affect the principal captions of the financial
statements are described below:</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>a. Financial statement presentation - </B>The consolidated
      financial statements have been prepared in accordance with principles generally
      accepted in Mexico, which include the recognition of the effects of inflation
      on the financial information and the presentation in constant Mexican pesos.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>b. Principles of Consolidation -</B> As part of the
      financial debt restructuring agreement into during 1997, Compa&#241;&#237;a
      Sider&#250;rgica de Guadalajara, S.A. de C.V. (&#147;CSG&#148;) assumed
      all of the debt of the Company in return for an equity interest in its subsidiaries.
      As a result of the above, the Company is the principal shareholder of CSG,
      and CSG is the principal shareholder of the other subsidiaries that Grupo
      Simec, S.A. de C.V. (&#147;Simec&#148;) controlled before the restructuring.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>The main subsidiaries of CSG are the following:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%><font size=3>&#176;</font></td>
    <td width=1% valign=top>&nbsp;&nbsp;</td>
    <td width=93%><font size=2>Compa&#241;&#237;a Sider&#250;rgica de California,
      S.A. de C.V.</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=3%><font size=3>&#176;</font></td>
    <td width=1% valign=top>&nbsp;&nbsp;</td>
    <td width=93%><font size=2>Industrias del Acero y del Alambre, S.A. de C.V.</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=3%><font size=3>&#176;</font></td>
    <td width=1% valign=top>&nbsp;&nbsp;</td>
    <td width=93%><font size=2>Pacific Steel Inc.</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>All significant intercompany balances and
transactions have been eliminated in  consolidation.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>c. Cash and cash equivalents -</B> The Company considers
      short-term investments with original maturities not greater than three months
      to be cash equivalent. Cash equivalents includes temporary investments and
      Mexican Government Treasury Bonds, and are stated at market value, which
      approximates cost plus earned interest. Any increase in market value is
      credited to operations for the period.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B>d. Inventories</B> - The inventories are originally
stated at average cost and subsequently adjusted to replacement value at the balance
sheet date. The replacement values do not exceed market and are determined as follows:</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>Billet finished goods and work in process - At
the latest production cost for  the month.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Raw materials - According to purchase prices
prevailing in the market at the  balance sheet date.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Materials, supplies and rollers - At historical
cost, restated by applying the  steel industry inflation index.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The Company presents as non-current inventories
the rollers and spare parts,  which according to historical data and production trends
will not be used within  a one-year period.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>e. Property, plant and equipment</B> <b>-</b> Property,
      plant and equipment of domestic origin are restated by using factors derived
      from The National Consumer Price Index (&#147;NCPI&#148;) from the date
      of their acquisition, and imported machinery and equipment are restated
      by applying devaluation and inflation factors of the country of</FONT> </td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 9; page: 9" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size=3>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="23"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="182"><font size="1"></font></td>
    <td width="36"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="171"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" width="182"><font size="1"></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" width="182"><font size="1"><b>FINANCIAL STATEMENT NOTES(1)</b></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" valign="bottom" width="182"><font size="1"></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" valign="bottom" width="182"><font size="1"><b>ANNEX 2</b></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"><b>&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;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>origin. Depreciation recorded in the
consolidated statement of income  (loss) is computed based upon the estimated useful life
and the restated cost of  each asset. In addition, Financial expense incurred during the
construction  period is capitalized as construction in progress. The capitalized amounts
are  restated using a factor derived from the NCPI cumulative from the date of
capitalization through period-end and are amortized over the average  depreciation period
of the corresponding assets. The estimated useful lives of  assets as of September 30,
2003 are as follows:</font></td></tr></table>


<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="2">Years</font>
      <hr size="1" noshade align="left" width="30">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"><font size="2">Buildings</font></td>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"><font size="2">15 to 50</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"> <font size="2">Machinery and equipment</font></td>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"><font size="2">10 to 40</font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td><FONT SIZE="2"><B>f. Other assets</B> <b>-</b> Organization and pre-operating
      expenses are capitalized and restated using a factor derived from the NCPI
      cumulative from the date of generation through period-end, and their amortization
      is calculated by the straight-line method over a period of 20 years.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>g. Seniority premiums and severance payments</B> <b>-</b>
      According to Federal Labor Law, employees are entitled to seniority premiums
      after fifteen years or more of services. These premiums are recognized as
      expenses in the years in which the services are rendered, using actuarial
      calculations based on the projected unit credit method, and since 1996 by
      applying real interest and salary increases.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Any other payments to which employees may be
entitled in case of separation,  disability or death, are charged to operations in the
period in which they  become payable.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>h. Pension plan</B> <b>-</b> Until 1995, the Company
      provided pension benefits for all personnel with a minimum of 10 years of
      service and 35 years of age. The Company had established an irrevocable
      trust for its contributions, which were based on actuarial calculations.
      In December 1995, the board of directors of the Company, in agreement with
      the trade union, discontinued these benefits and related contributions to
      the trust fund. This decision was made because of the new Mexican pension
      fund system, Administradoras de Fondos para el Retiro, which establishes
      similar benefits for the employees. The balance of the trust fund will be
      applied to the retirement benefits of qualifying employees until the fund
      is exhausted due to the irrevocable status of the fund.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>The Company does not have any contractual
obligation regarding the payment of  pensions of retirements.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>i. Cost of sales</B> <b>-</b> Cost of sales related
      to sales of inventory items is recorded at standard cost, which approximates
      the replacement cost at the date of sale.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>j. Income tax and employee profit sharing</B> <b>-</b>
      In 1999, the Mexican Institute of Public Accountants issued Bulletin D-4,
      &#147;Accounting for Income and Asset Taxes and Employee Profit Sharing&#148;,
      which is effective for all fiscal years beginning January 1, 2000. Bulletin
      D-4 establishes financial accounting and reporting standards for the effects
      of asset tax, income tax and employee profit sharing that result from enterprise
      activities during the current and preceding years.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>The Company and its subsidiaries are included in
the consolidated tax returns of  the company&#146;s parent.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>k. Foreign currency transactions and exchange differences</B>
      <b>-</b> All transactions in foreign currency are recorded at the exchange
      rates prevailing on the date of their execution or liquidation. Foreign
      currency denominated assets and liabilities are translated at the exchange
      rates prevailing at the balance sheet date. Any</FONT> </td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 10; page: 10" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size=3>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="23"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="182"><font size="1"></font></td>
    <td width="36"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="171"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" width="182"><font size="1"></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" width="182"><font size="1"><b>FINANCIAL STATEMENT NOTES(1)</b></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" valign="bottom" width="182"><font size="1"></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" valign="bottom" width="182"><font size="1"><b>ANNEX 2</b></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"><b>&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;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>exchange differences incurred with regard to
assets or liabilities  denominated in foreign currency are charged to operations of the
period and are  included in financial income (expense) in the accompanying consolidated
statements of income (loss).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The financial statements of foreign subsidiaries
are translated into Mexican  pesos in conformity with Bulletin B-15 &#147;Transactions in
Foreign Currency and  Translation of Financial Statements of Foreign Operations&#148;.
All foreign  subsidiaries are considered to be &#147;integrated foreign operations&#148;,
as defined in  Bulletin B-15, and accordingly such financial statements were translated
as  follows:</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2">&nbsp;- </font></td><td width=95%><font size="2">Monetary
items at the exchange rate at the balance sheet date.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2">&nbsp;- </font></td><td width=95%><font size="2">Non-monetary
items and stockholders&#146; equity at the exchange rate prevailing at  the date the
transactions occurred.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2">&nbsp;- </font></td><td width=95%><font size="2">Income
and expense items at an appropriate  average exchange rate. </font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2">&nbsp;- </font></td><td width=95%><font size="2">The
resulting foreign currency translation differences  are included in the financial income
(expense) in the  statement of income (loss).</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2">&nbsp;- </font></td><td width=95%><font size="2"> All
resulting Mexican peso amounts are restated for the effects of  inflation in accordance
with the dispositions of Bulletin B-10 using the  NCPI, where such effects are considered
significant.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>l. Geographic concentration of credit risk</B> <b>-</b>
      The Company sells its products primarily to distributors for the construction
      industry with no specific geographic concentration. Additionally, no single
      customer accounted for a significant amount of the Company&#146;s sales,
      and there were no significant accounts receivable from a single customer
      or affiliate at September 30, 2003 and 2002. The Company performs evaluations
      of its customers&#146; credit histories and establishes and allowance for
      doubtful accounts based upon the credit risk of specific customers and historical
      trends.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>m. Other income (expenses)</B> <b>-</b> Other income
      (expenses) shown in the consolidated statements of operations primarily
      includes other financial operations.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>n. Gain on monetary position</B> <b>-</b> The gain on
      monetary position in the consolidated statements of income (loss) is determined
      by applying to net monetary assets or liabilities at the beginning of each
      month the factor of inflation derived from the NCPI and is restated at period-end
      with the corresponding factor.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>o. Restatement of capital stock and retained earnings
      (losses)</B> <b>-</b> This is determined by multiplying capital stock contributions
      and retained earnings (losses) by factors derived from the NCPI, which measure
      the cumulative inflation from the date when capital stock contributions
      were made and earnings (losses) were generated, through the latest period-end.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>p. Effect of restatement of stockholders&#146; equity</B>
      <b>-</b> The effect resulting from restating stockholders&#146; equity includes
      the accumulated effect from holding non-monetary assets, which represents
      the change in the specific price level of those assets compared to the change
      in the NCPI.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>(2) Financial Debt:</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>At September 30, 2003, Simec&#146;s total
consolidated debt consisted of  approximately $2.0 million of U.S. dollar-denominated
debt, while at December  31, 2002, Simec had outstanding approximately $47.8 million of
U.S.  dollar-denominated debt (including $14.4 million of debt owed to its parent
company Industrias CH, S.A. de C.V.) (&#147;ICH&#148;); Simec&#146;s lower debt level at
September 30, 2003 reflected the prepayment of $30 million of bank debt in 2003  (Simec
financed $16.2 million of this prepayment with loans from ICH), the  semi-annual
amortization installment on its bank debt of $1.4 million in May  2003, the conversion to
common stock in </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 11; page: 11" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size=3>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="23"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="182"><font size="1"></font></td>
    <td width="36"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="171"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" width="182"><font size="1"></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" width="182"><font size="1"><b>FINANCIAL STATEMENT NOTES(1)</b></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" valign="bottom" width="182"><font size="1"></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="23"><font size="1"></font></td>
    <td align="center" valign="bottom" width="182"><font size="1"><b>ANNEX 2</b></font></td>
    <td width="36"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"><b>&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;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>March 2003 of $16.1 million of loans  (plus
accrued interest thereon) from ICH at a conversion price equivalent to  U.S. $1.35
(Ps.14.588) per American Depositary Share and a capital contribution  from ICH to Simec
in the amount of $14.5 million (the proceeds of which were  used to retire debt owed to
ICH) for capital stock to be issued at the end of  this year. Simec&#146;s remaining
outstanding $1.7 million of bank debt consisted of  (i) $0.2 million which matures in
2007 and amortizes in equal semi-annual  installments and (ii) $1.5 million which matures
in 2009 and has no amortization  payments. In addition Simec had outstanding $302,000 of
8 7/8% MTN&#146;s due 1998  (accrued interest at September 30, 2003 was $248,348) which were
issued in 1993  as part of a $68 million issuance. At September 30, 2003 Simec owed no
debt to  ICH.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>(3) Commitments and contingent liabilities:</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>a. Pacific Steel, Inc. (a wholly-owned
subsidiary located in the U.S.A.) has  been named in various claims and suits relating to
the generation, storage,  transport, disposal and cleanup of materials classified as
hazardous waste. The  Company has accrued approximately Ps. 8,835 (U.S. $808,511) at
September 30,  2003, (included in accrued liabilities) relating to these actions; the
reduction  of this reserve from previous levels reflects clean-up activities undertaken
by  Simec. Management believes the ultimate liability with respect to this matter  will
not exceed the amounts that have been accrued.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>b. The Company is subject to various other legal
proceeding and claims, which  have arisen, in the ordinary course of its business. It is
the opinion of  management that their ultimate resolution will not have a material
adverse  effect on the Company&#146;s consolidated financial position or consolidated results
of operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>c. Compa&#241;&#237;a Sider&#250;rgica de
Guadalajara, S.A. de C.V. has entered  into a gas and liquid oxygen purchase agreement
with Praxair de M&#233;xico,  S.A. de C.V., under which it is committed to acquire
monthly over a fifteen-year  period beginning January 1, 1989, a certain amount of
product. At present  required purchases amount to Ps. 1,032 per month.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" -->






<p><table width=600><tr>
    <td  align=center><font size="3">MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</font></td>
  </tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="18"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="209"><font size="1"></font></td>
    <td width="28"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="171"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="18"><font size="1"></font></td>
    <td align="center" width="209"><font size="1"></font></td>
    <td width="28"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="18"><font size="1"></font></td>
    <td align="center" width="209"><font size="1"><b><font size="1"> RELATIONS
      OF SHARES INVESTMENTS</font></b></font></td>
    <td width="28"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="18"><font size="1"></font></td>
    <td align="center" valign="bottom" width="209"><font size="1"></font></td>
    <td width="28"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="18"><font size="1"></font></td>
    <td align="center" valign="bottom" width="209"><font size="1"><b>ANNEX 3</b></font></td>
    <td width="28"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"><b>&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;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table border=1 cellspacing=1 cellpadding=0 width="640">
  <tr valign="bottom">
    <td valign=top>
      <p align=center><font size="2">COMPANY NAME (1)</font></p>
    </td>
    <td>
      <p align=center><font size="2">MAIN<br>
        ACTIVITIES</font></p>
    </td>
    <td>
      <p align=center><font size="2">NUMBER<br>
        OF<br>
        </font><font size="2">SHARES</font></p>
    </td>
    <td>
      <p align=center><font size="2">OWNERSHIP<br>
        </font><font size="2">(2)</font></p>
    </td>
    <td colspan=2>
      <p align=center><font size="2">TOTAL AMOUNT<br>
        </font><font size="2">(Thousands of Pesos)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">SUBSIDIARIES</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p align=center><font size="2">ACQUISITION<br>
        </font><font size="2">COST</font></p>
    </td>
    <td>
      <p align=center><font size="2">PRESENT<br>
        </font><font size="2">VALUE (3)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">1 CIA SIDERURGICA <br>
        &nbsp;&nbsp; DE</font><font size="2"> GUADALAJARA</font></p>
    </td>
    <td>
      <p align=center><font size="2">MINI-MILL</font></p>
    </td>
    <td>
      <p align=right><font size="2">474,393,215</font></p>
    </td>
    <td>
      <p align=right><font size="2">99.99</font></p>
    </td>
    <td>
      <p align=right><font size="2">38,359</font></p>
    </td>
    <td>
      <p align=right><font size="2">2,038,681</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">2 CIA. SIDERURGICA <br>
        &nbsp;&nbsp;DE </font><font size="2">CALIFORNIA</font></p>
    </td>
    <td>
      <p align=center><font size="2">MINI-MILL</font></p>
    </td>
    <td>
      <p align=right><font size="2">504,816</font></p>
    </td>
    <td>
      <p align=right><font size="2">0.04</font></p>
    </td>
    <td>
      <p align=right><font size="2">505</font></p>
    </td>
    <td>
      <p align=right><font size="2"> 1,258</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="2">TOTAL INVESTMENT IN<br>
        SUBSIDIARIES</font></b></p>
    </td>
    <td>
      <p align=center>&nbsp;</p>
    </td>
    <td>
      <p align=right>&nbsp;</p>
    </td>
    <td>
      <p align=right>&nbsp;</p>
    </td>
    <td>
      <p align=right><b><font size="2">38,864</font></b></p>
    </td>
    <td>
      <p align=right><b><font size="2">2,039,939</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="2">ASSOCIATEDS</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right"><font size="2">0</font></td>
    <td align="right"><font size="2">0.00</font></td>
    <td align="right">
      <p align=right><b><font size="2">0</font></b></p>
    </td>
    <td align="right">
      <p align=right><font size="2">0</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="2">TOTAL INVESTMENT IN<br>
        ASSOCIATEDS</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p align=right><b><font size="2">0</font></b></p>
    </td>
    <td align="right">
      <p align=right><font size="2">0</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="2">OTHER PERMANENT<br>
        INVESTMENTS</font></b></p>
    </td>
    <td>
      <p align=center>&nbsp;</p>
    </td>
    <td align="right">
      <p align=right>&nbsp;</p>
    </td>
    <td align="right">
      <p align=right>&nbsp;</p>
    </td>
    <td align="right">
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p align=right><font size="2">0</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="2">TOTAL</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p align=right><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p align=right><b><font size="2">2,039,939</font></b></p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>NOTES</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" -->












<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="18"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="209" align="center" valign="bottom"><font size="1"><b>MEXICAN STOCK
      EXCHANGE</b></font></td>
    <td width="28"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="171"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="18"><font size="1"></font></td>
    <td align="center" width="209"><font size="1">ANNEX 5 <br>
      <font size="1">CREDITS BREAK DOWM</font> </font></td>
    <td width="28"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="18"><font size="1"></font></td>
    <td align="center" width="209"><font size="1"><b><font size="1"> </font></b></font></td>
    <td width="28"><font size="1"></font></td>
    <td align="right" valign="bottom" width="171"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="18"><font size="1"></font></td>
    <td align="center" valign="bottom" width="209"><font size="1">(THOUSANDS OF
      PESOS) </font></td>
    <td width="28"><font size="1"></font></td>
    <td align="center" valign="bottom" width="171"><font size="1"><b>CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<div>
  <table border=1 cellspacing=1 cellpadding=0 width="650">
    <tr valign="bottom" align="center">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2">&nbsp;</td>
      <td colspan="6">&nbsp;</td>
    </tr>
    <tr valign="bottom" align="center">
      <td valign=top rowspan="3">
        <p><font size="1">Credit<br>
          <br>
          <br>
          </font><font size="1">Type /<br>
          <br>
          <br>
          </font><font size="1">&nbsp;Institution</font></p>
      </td>
      <td rowspan="3" valign=top><font size="1">Amortization<br>
        Date</font>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td rowspan="3" valign=top><font size="1">Rate of<br>
        Interest </font></td>
      <td colspan="2" rowspan="2" valign=middle>
        <p><font size="1">Denominated In<br>
          Pesos</font></p>
      </td>
      <td colspan="6"><font size="1">Amortization of Credits in Foreign Currency
        With National Entities<br>
        (Thousands of Pesos)</font></td>
    </tr>
    <tr valign="bottom" align="center">
      <td colspan="6">
        <p><font size="1">Time Interval</font></p>
      </td>
    </tr>
    <tr valign="bottom" align="center">
      <td>
        <p><font size="1">&nbsp;Until <br>
          1 Year</font></p>
      </td>
      <td>
        <p><font size="1">More Than<br>
          1 Year</font></p>
      </td>
      <td>
        <p><font size="1">Current<br>
          Year</font></p>
      </td>
      <td>
        <p><font size="1">Until 1<br>
          Year</font></p>
      </td>
      <td>
        <p><font size="1">Until 2<br>
          Years</font></p>
      </td>
      <td>
        <p><font size="1">Until 3 Years</font></p>
      </td>
      <td>
        <p><font size="1">Until 4<br>
          Years</font></p>
      </td>
      <td>
        <p><font size="1">Until 5<br>
          Years or<br>
          More </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="1">BANKS</font></b></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="1">WITH WARRANTY</font></b></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">BANCO BILBAO VIZCAYA<br>
          BANCO BILBAO VIZCAYA</font></p>
      </td>
      <td align="right">
        <p><font size="1">15/11/2009<br>
          15/11/2007</font></p>
      </td>
      <td align="right">
        <p><font size="1">5.81<br>
          5.81</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1"><br>
          323</font></p>
      </td>
      <td align="right">
        <p><font size="1">15,970<br>
          2,584</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>TOTAL BANKS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">323</font></p>
      </td>
      <td align="right">
        <p><font size="1">18,554</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="1">LISTED IN THE MEXICAN<br>
          STOCK EXCHANGE</font></b></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="1">UNSECURED DEBT</font></b></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">MEDIUM TERM NOTES</font></p>
      </td>
      <td align="right">
        <p><font size="1">15/12/1998</font></p>
      </td>
      <td align="right">
        <p><font size="1">9.33</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>TOTAL STOCK EXCHANGE</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>SUPPLIERS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">VARIOUS</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">154,198</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">14,141</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>TOTAL SUPPLIERS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">154,198</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">14,141</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>OTHER CURRENT LIABILITIES<br>
          AND OTHER CREDITS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">VARIOUS</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">53,489</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">410</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>OTHER CURRENT LIABILITIES<br>
          AND OTHER CREDITS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">53,489</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">410</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>TOTAL GENERAL</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">207,687</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">14,874</font></p>
      </td>
      <td align="right">
        <p><font size="1">18,554</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
  </table>
  <br>
  <table border=1 cellspacing=1 cellpadding=0 width="650">
    <tr valign="bottom" align="center">
      <td>&nbsp;</td>
      <td colspan="6">&nbsp;</td>
    </tr>
    <tr valign="bottom" align="center">
      <td valign=top rowspan="3">
        <p><font size="1">Credit<br>
          <br>
          <br>
          </font><font size="1">Type /<br>
          <br>
          <br>
          </font><font size="1">&nbsp;Institution</font></p>
      </td>
      <td colspan="6">
        <p><font size="1">Amortization of Credits in Foreign Currency With Foreing
          Entities <br>
          (Thousands of Pesos)</font></p>
      </td>
    </tr>
    <tr valign="bottom" align="center">
      <td colspan="6">
        <p><font size="1">Time Interval</font></p>
      </td>
    </tr>
    <tr valign="bottom" align="center">
      <td>
        <p><font size="1">Current<br>
          Year</font></p>
      </td>
      <td>
        <p><font size="1">Until 1<br>
          Year</font></p>
      </td>
      <td>
        <p><font size="1">Until 2<br>
          Years</font></p>
      </td>
      <td>
        <p><font size="1">Until 3<br>
          Years</font></p>
      </td>
      <td>
        <p><font size="1">Until 4<br>
          Years</font></p>
      </td>
      <td>
        <p><font size="1">Until 5<br>
          Years or<br>
          More </font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="1">BANKS</font></b></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td>
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><b><font size="1">WITH WARRANTY</font></b></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">BANCO BILBAO VIZCAYA<br>
          BANCO BILBAO VIZCAYA</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>TOTAL BANKS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>LISTED IN THE MEXICAN<br>
          STOCK EXCHANGE</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>UNSECURED DEBT</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">MEDIUM TERM NOTES</font></p>
      </td>
      <td align="right">
        <p><font size="1">3,300</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>TOTAL STOCK EXCHANGE</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">3,300</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>SUPPLIERS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">VARIOUS</font></p>
      </td>
      <td align="right">
        <p><font size="1">20,984</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>TOTAL SUPPLIERS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">20,984</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>OTHER CURRENT LIABILITIES<br>
          AND OTHER CREDITS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">VARIOUS</font></p>
      </td>
      <td align="right">
        <p><font size="1">13,385</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>OTHER CURRENT LIABILITIES<br>
          AND OTHER CREDITS</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">13,385</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>TOTAL GENERAL</b></font></p>
      </td>
      <td align="right">
        <p><font size="1">37,669</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
      <td align="right">
        <p><font size="1">0</font></p>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
  </table>
  <br>
  <table border=0 cellspacing=0 cellpadding=0 width="650">
    <tr valign="bottom">
      <td width="46" valign="top">
        <p><font size="1">NOTES:</font></p>
      </td>
      <td align="right" width="27" valign="top">&nbsp;</td>
      <td align="right" width="256" valign="top">&nbsp;</td>
      <td align="right" colspan="4" width="321">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="46" valign="top">&nbsp;</td>
      <td align="right" width="27" valign="top"><font size="1">1. &#150;&nbsp;</font></td>
      <td align="left" width="256" valign="top"><font size="1">At September 30,
        2003, Compa&#241;&iacute;a Sider&uacute;rgica de Guadalajara, S.A. de
        C.V. (&#147;CSG&#148;) was not in compliance with various financial covenants
        contained in its bank loan instruments. In accordance with Mexican generally
        accepted accounting principles, Simec&#146;s long term bank debt has been
        reclassified as current liabilities.</font></td>
      <td align="right" colspan="4" width="321">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="46" valign="top">&nbsp;</td>
      <td align="right" width="27" valign="top">&nbsp;</td>
      <td align="right" width="256" valign="top">&nbsp;</td>
      <td align="right" colspan="4" width="321">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="46" valign="top">&nbsp;</td>
      <td align="right" width="27" valign="top"><font size="1">2.&#150;&nbsp;</font></td>
      <td align="left" width="256" valign="top"><font size="1">Simec&#146;s bank
        debt is secured by a lien on all of the plant, property and equipment
        of Simec</font></td>
      <td align="right" colspan="4" width="321">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="46" valign="top">&nbsp;</td>
      <td align="right" width="27" valign="top">&nbsp;</td>
      <td align="right" width="256" valign="top">&nbsp;</td>
      <td align="right" colspan="4" width="321">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="46" valign="top">&nbsp;</td>
      <td align="right" width="27" valign="top"><font size="1">3.&#150;&nbsp;</font></td>
      <td align="left" width="256" valign="top"><font size="1">The exchange rate
        of the peso to the U.S. Dollar at September 30, 2003 was Ps. 10.9272</font></td>
      <td align="right" colspan="4" width="321">&nbsp;</td>
    </tr>
  </table>
  <br>
</div>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 13; page: 13" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size=3>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="10"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="269"><font size="1"></font></td>
    <td width="13"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="134"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="269"><font size="1"></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="right" valign="bottom" width="134"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="269"><font size="1"><b><font size="1"> MONETARY
      POSITION IN FOREIGN EXCHANGE <br>
      (Thousands of Pesos)</font></b></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="right" valign="bottom" width="134"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="269"><font size="1"></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="center" valign="bottom" width="134"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="174"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="269"><font size="1"><b>ANNEX 6</b></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="right" valign="bottom" width="134"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom" align="center">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td colspan="4">
      <p><b><font size="1">DOLLARS</font></b></p>
    </td>
    <td colspan="4">
      <p><b><font size="1">OTHER CURRENCIES</font></b></p>
    </td>
    <td colspan="2">
      <p><b><font size="1">&nbsp;TOTAL</font></b></p>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td valign="bottom" colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="center">
    <td>
      <p><b><font size="1">TRADE BALANCE&nbsp;</font></b></p>
    </td>
    <td>
      <p><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan="2">
      <p><b><font size="1">THOUSANDS<br>
        OF<br>
        DOLLARS</font></b></p>
    </td>
    <td colspan="2">
      <p><b><font size="1">THOUSANDS<br>
        OF<br>
        PESOS</font></b></p>
    </td>
    <td colspan="2">
      <p><b><font size="1">THOUSANDS<br>
        OF<br>
        DOLLARS</font></b></p>
    </td>
    <td colspan="2">
      <p><b><font size="1">THOUSANDS<br>
        OF<br>
        PESOS</font></b></p>
    </td>
    <td valign="bottom" colspan="2">
      <p><b><font size="1">THOUSANDS<br>
        OF<br>
        PESOS</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">FOREING MONETARY POSITION</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="2">&nbsp;&nbsp;&nbsp;TOTAL ASSETS</font></b></p>
    </td>
    <td>
      <p><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="2">29,998</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="2">327,784</font></b></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">0</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">0</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2"><b>327,784</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="2">&nbsp;&nbsp;&nbsp;LIABILITIES POSITION</font></b></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">6,135</font></b></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">67,042</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="2">371</font></b></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">4,055</font></b></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">71,097</font></b></p>
    </td>
    <td align="right"><b></b></td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;SHORT TERM LIABILITIES POSITION</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">6,135</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">67,042</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">371</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">4,055</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">71,097</font></p>
    </td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;LONG TERM LIABILITIES POSITION</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">0</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">0</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">0</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">0</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">0</font></p>
    </td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="2">&nbsp;&nbsp;&nbsp;NET BALANCE</font></b></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">23,863</font></b></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">260,742</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="2">(371</font></b></p>
    </td>
    <td align="left">
      <p><b><font size="2">)</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="2">(4,055</font></b></p>
    </td>
    <td align="left">
      <p><b><font size="2">)</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="2">256,687</font></b></p>
    </td>
    <td align="right"><b></b></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>NOTES</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;THE EXCHANGE RATE OF THE PESO TO
      THE U.S. DOLLAR AT SEPTEMBER 30, 2003 WAS PS. 10.9272.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 14; page: 14" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size=3>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="179"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="13"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="262"><font size="1"></font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="132"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="179"><font size="1"></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="center" width="262"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="132"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="179"><font size="1"></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="center" width="262"><font size="1"><b><font size="1"> INTEGRATION
      AND INCOME <br>
      CALCULATION BY MONETARY POSITION <br>
      (Thousands of Pesos)</font></b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="middle" width="132"><font size="1"><b>CONSOLIDATED</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="179"><font size="1"></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="center" valign="bottom" width="262"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="132">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="179"><font size="1"></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="center" valign="bottom" width="262"><font size="1"><b>ANNEX 7</b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="132"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="650">
  <tr valign="bottom" align="center">
    <td>&nbsp;</td>
    <td><b><font size="1">MONTH</font></b></td>
    <td>&nbsp;</td>
    <td colspan="2"><b><font size="1">MONETARY<br>
      ASSETS </font></b></td>
    <td colspan="2"><b><font size="1">MONETARY<br>
      LIABILITIES </font></b></td>
    <td colspan="2"><b><font size="1">ASSET<br>
      (LIABILITIES)<br>
      MONETARY<br>
      POSITION </font></b></td>
    <td colspan="2"><b><font size="1">MONTHLY<br>
      INFLATION </font></b></td>
    <td colspan="2"><b><font size="1">MONTHLY<br>
      (PROFIT)<br>
      AND LOSS</font></b></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">JANUARY</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">599,332</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">870,175</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">(270,843</font></p>
    </td>
    <td align="left">
      <p><font size="1">)</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.40</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">1,095</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">FEBRUARY</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">496,349</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">770,972</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">(274,623</font></p>
    </td>
    <td align="left">
      <p><font size="1">)</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.28</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">763</font></p>
    </td>
    <td align="left">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">MARCH</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">540,635</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">777,637</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">(237,002</font></p>
    </td>
    <td align="left">
      <p><font size="1">)</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.63</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">1,496</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">APRIL</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">541,513</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">566,310</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">(24,797</font></p>
    </td>
    <td align="left">
      <p><font size="1">)</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.17</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">42</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">MAY</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">578,184</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">548,013</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">30,171</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">-0.32</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">97</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">JUNE</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">547,495</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">340,066</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">207,429</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.08</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">(171</font></p>
    </td>
    <td align="left">
      <p><font size="1">)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="1">JULY</font></p>
    </td>
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">604,584</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">323,902</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">280,682</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.14</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">(407</font></p>
    </td>
    <td align="left">
      <p><font size="1">)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="1">AUGUST</font></p>
    </td>
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">664,648</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">310,488</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">354,160</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.30</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">(1,063</font></p>
    </td>
    <td align="left">
      <p><font size="1">)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="1">SEPTEMBER</font></p>
    </td>
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">750,161</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">319,022</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">431,139</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.60</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">(2,567</font></p>
    </td>
    <td align="left">
      <p><font size="1">)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">ACTUALIZATION:</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.00</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">37</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">CAPITALIZATION:</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.00</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">FOREIGN CORP.:</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.00</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">OTHER</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0.00</font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="1">0</font></p>
    </td>
    <td align="left">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">
      <p><b><font size="1"> T O T A L </font></b></p>
    </td>
    <td><b></b></td>
    <td align="right"><b></b></td>
    <td align="right">
      <p><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td align="left">
      <p><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td align="right">
      <p><b><font size="1">(678</font></b></p>
    </td>
    <td align="left">
      <p><b><font size="1">)</font></b></p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td><font size=2><B>NOTES</B></font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" -->



<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="170"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="10"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="281"><font size="1"></font></td>
    <td width="24"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="120"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="170"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="281"><font size="1"></font></td>
    <td width="24"><font size="1"></font></td>
    <td align="right" valign="bottom" width="120"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="170"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="281"><font size="1"><b><font size="1"> BONDS AND
      MEDIUM TERM NOTES<br>
      LISTING IN STOCK MARKET(1) <br>
      </font></b></font></td>
    <td width="24"><font size="1"></font></td>
    <td align="right" valign="bottom" width="120"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="170"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="281"><font size="1"></font></td>
    <td width="24"><font size="1"></font></td>
    <td align="center" valign="bottom" width="120"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="170"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="281"><font size="1"><b>ANNEX 8</b></font></td>
    <td width="24"><font size="1"></font></td>
    <td align="center" valign="bottom" width="120"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="170">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" valign="bottom" width="281">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td align="center" valign="bottom" width="120">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="170">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" valign="bottom" width="281"><font size=2><b><font size="1">FINANCIAL
      LIMITED BASED IN ISSUED DEED AND/OR TITLE</font></b></font></td>
    <td width="24">&nbsp;</td>
    <td align="center" valign="bottom" width="120">&nbsp;</td>
  </tr>
</table>
<br>
<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>MEDIUM TERM
NOTES  <BR>A) Current assets to current liabilities must be 1.0 times or more. <BR>B)  Total
liabilities to total assets do not be more than 0.60. <BR>C) Operating income plus items added
to income which do not require using cash must be 2.0 times or more.</font></td></tr></table>



<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>This notes was
offered in the international market.</font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="1">ACTUAL SITUATION OF FINANCIAL
      LIMITED</font></B></font></td>
  </tr></table>


<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>MEDIUM TERM
NOTES  <BR>A) Accomplished the actual situation is 3.29 times. <BR>B) Accomplished the  actual
situation is 0.21 <BR>C) Accomplished the actual situation is 28.01</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>As of
September 30, 2003, the remaining balance of the MTNs not exchanged  amounts to Ps. 3,300
($302,000 dollars).</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>C.P. Adolfo
Luna Luna  <BR>Chief Financial Officer</font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="1">BONDS AND/OR MEDIUM TERM
      NOTES CERTIFICATE</font></B></font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->




<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="177"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="10"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="270"><font size="1"></font></td>
    <td width="13"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="134"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="177"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="270"><font size="1"></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="right" valign="bottom" width="134"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="177"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="270"><font size="1"><b><font size="1"> <b> <font size="1">PLANTS,
      COMMERCE CENTERS OR DISTRIBUTION CENTERS</font></b></font></b></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="right" valign="bottom" width="134"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="177"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="270"><font size="1"></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="center" valign="bottom" width="134"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="177"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="270"><font size="1"><b>ANNEX 9</b></font></td>
    <td width="13"><font size="1"></font></td>
    <td align="center" valign="bottom" width="134"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom" align="center">
    <td><b><font size="2">PLANT<br>
      OR<br>
      CENTER </font></b></td>
    <td><b><font size="2">ECONOMIC<br>
      ACTIVITY </font></b></td>
    <td><b><font size="2">PLANT<br>
      CAPACITY<br>
      (1)</font></b></td>
    <td><b><font size="2">UTILIZATION<br>
      (%) </font></b></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td valign="top">
      <p><font size="2">CIA. SIDERURGICA DE GUAD.</font></p>
    </td>
    <td>
      <p><font size="2">PRODUCTION AND SALES OF STEEL PRODUCTS</font></p>
    </td>
    <td align="right">
      <p><font size="2">480</font></p>
    </td>
    <td align="right">
      <p><font size="2">84</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td valign="top">
      <p><font size="2">CIA. SIDERURGICA DE CALIF.</font></p>
    </td>
    <td>
      <p><font size="2">PRODUCTION AND SALES OF STEEL PRODUCTS</font></p>
    </td>
    <td align="right">
      <p><font size="2">250</font></p>
    </td>
    <td align="right">
      <p><font size="2">78</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">INDUSTRIAS DEL ACERO Y DEL</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">ALAMBRE</font></p>
    </td>
    <td>
      <p><font size="2">SALE OF STEEL PRODUCTS</font></p>
    </td>
    <td align="right">
      <p><font size="2">0</font></p>
    </td>
    <td align="right">
      <p><font size="2">0</font></p>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2><b>NOTES</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 17; page: 17" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size=3>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="10"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="245"><font size="1"></font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="148"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="245"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="245"><font size="1"><b><font size="1"> <b> <font size="1">MAIN
      RAW MATERIALS</font></b></font></b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="245"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="188"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="245"><font size="1"><b>ANNEX 10</b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom" align="center">
    <td><b><font size="1">DOMESTIC </font></b></td>
    <td><b><font size="1">MAIN <br>
      SUPPLIERS </font></b></td>
    <td><b><font size="1">FOREIGN </font></b></td>
    <td><b><font size="1">MAIN <br>
      SUPPLIERS </font></b></td>
    <td><b><font size="1">DOM. <br>
      SUBST. </font></b></td>
    <td><b><font size="1">COST <br>
      PRODUCTION <br>
      (%) </font></b></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">SCRAP </font></p>
    </td>
    <td>
      <p><font size="1">VARIOUS </font></p>
    </td>
    <td>
      <p><font size="1">SCRAP </font></p>
    </td>
    <td>
      <p><font size="1">VARIOUS </font></p>
    </td>
    <td align="right">
      <p><font size="1">YES </font></p>
    </td>
    <td align="right">
      <p><font size="1">50.39 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">ELECTRICITY </font></p>
    </td>
    <td>
      <p><font size="1">C.F.E. </font></p>
    </td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td align="right">
      <p><font size="1">NO </font></p>
    </td>
    <td align="right">
      <p><font size="1">12.83 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">FERROALLOYS </font></p>
    </td>
    <td>
      <p><font size="1">MINERA AUTLAN </font></p>
    </td>
    <td>
      <p><font size="1">FERROALLOYS </font></p>
    </td>
    <td>
      <p><font size="1">GFM TRADING </font></p>
    </td>
    <td align="right">
      <p><font size="1">YES </font></p>
    </td>
    <td align="right">
      <p><font size="1">6.52 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">ELECTRODES </font></p>
    </td>
    <td>
      <p><font size="1">UCAR CARBON <br>
        MEXICANA </font></p>
    </td>
    <td>
      <p><font size="1">ELECTRODES </font></p>
    </td>
    <td>
      <p><font size="1">SGL CARBON GROUP </font></p>
    </td>
    <td align="right">
      <p><font size="1">YES </font></p>
    </td>
    <td align="right">
      <p><font size="1">2.46 </font></p>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2><b>NOTES</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" -->




<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="10"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="244"><font size="1"></font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="148"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="244"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="244"><font size="1"><b><font size="1"> <b> <b> <font size="1">SELLS
      DISTRIBUTION BY PRODUCT</font></b></b></font></b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="244"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" valign="bottom" width="244"><font size="1"><b>ANNEX 11</b></font></td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="bottom" width="148"><font size="1"><b>&nbsp;&nbsp;CONSOLIDATED</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" valign="bottom" width="244">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="bottom" width="148">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="244"><font size="1"><b><font size="1">DOMESTIC
      SELLS</font></b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="148"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="650">
  <tr valign="bottom" align="center">
    <td><b><font size="1">MAIN <br>
      PRODUCTS </font></b></td>
    <td colspan="2"><b><font size="1">TOTAL PRODUCTION </font></b><b></b></td>
    <td colspan="2"><b><font size="1"> NET SELLS </font></b><b></b></td>
    <td><b><font size="1">DESTINATION </font></b></td>
    <td colspan="2" valign=bottom><b><font size="1">MAIN </font></b><b></b></td>
  </tr>
  <tr valign="bottom" align="center">
    <td><b></b></td>
    <td><b><font size="1">VOLUME </font></b></td>
    <td><b><font size="1">AMOUNT </font></b></td>
    <td><b><font size="1">VOLUME </font></b></td>
    <td><b><font size="1">AMOUNT </font></b></td>
    <td><b></b></td>
    <td><b><font size="1">TRADEMARKS </font></b></td>
    <td><b><font size="1">COSTUMERS </font></b></td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">STRUCTURAL PROFILES </font></p>
    </td>
    <td align="right">
      <p><font size="1">136 </font></p>
    </td>
    <td align="right">
      <p><font size="1">376,579 </font></p>
    </td>
    <td align="right">
      <p><font size="1">128 </font></p>
    </td>
    <td align="right">
      <p><font size="1">547,857 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">COMMERCIAL PROFILES </font></p>
    </td>
    <td align="right">
      <p><font size="1">40 </font></p>
    </td>
    <td align="right">
      <p><font size="1">95,145 </font></p>
    </td>
    <td align="right">
      <p><font size="1">32 </font></p>
    </td>
    <td align="right">
      <p><font size="1">126,778 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">REBAR </font></p>
    </td>
    <td align="right">
      <p><font size="1">90 </font></p>
    </td>
    <td align="right">
      <p><font size="1">201,526 </font></p>
    </td>
    <td align="right">
      <p><font size="1">75 </font></p>
    </td>
    <td align="right">
      <p><font size="1">292,847 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">FLAT BAR </font></p>
    </td>
    <td align="right">
      <p><font size="1">19 </font></p>
    </td>
    <td align="right">
      <p><font size="1">49,926 </font></p>
    </td>
    <td align="right">
      <p><font size="1">13 </font></p>
    </td>
    <td align="right">
      <p><font size="1">53,977 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">STEEL BARS </font></p>
    </td>
    <td align="right">
      <p><font size="1">158 </font></p>
    </td>
    <td align="right">
      <p><font size="1">415,944 </font></p>
    </td>
    <td align="right">
      <p><font size="1">155 </font></p>
    </td>
    <td align="right">
      <p><font size="1">615,579 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td height="11">
      <p><font size="1">OTHER </font></p>
    </td>
    <td align="right" height="11">
      <p>&nbsp;</p>
    </td>
    <td align="right" height="11">
      <p>&nbsp;</p>
    </td>
    <td align="right" height="11">
      <p><font size="1">6 &nbsp; </font></p>
    </td>
    <td align="right" height="11">
      <p><font size="1">34,383 &nbsp; </font></p>
    </td>
    <td align="right" height="11">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right" height="11">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td height="11">
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">BILLET </font></p>
    </td>
    <td align="right">
      <p><font size="1">47 </font></p>
    </td>
    <td align="right">
      <p><font size="1">84,277 </font></p>
    </td>
    <td align="right">
      <p><font size="1">47 </font></p>
    </td>
    <td align="right">
      <p><font size="1">122,087 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="1">T O T A L </font></b></p>
    </td>
    <td align="right"><b></b></td>
    <td align="right"><b><font size="1">1,223,397 </font></b></td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="1">1,793,508 </font></b></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 19; page: 19" -->





<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="181"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="243"><font size="1"></font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="148"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="181"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" width="243"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="181"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" width="243"><font size="1"><b><font size="1"> <b> <b> <font size="1">SELLS
      DISTRIBUTION BY PRODUCT</font></b></b></font></b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="181"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="243"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="181">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="bottom" width="243"><font size="1"><b>ANNEX 11</b></font></td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="bottom" width="148"><font size="1"><b>&nbsp;&nbsp;&nbsp;CONSOLIDATED</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="181">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="bottom" width="243">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="bottom" width="148">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="181"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="243"><font size="1"><b><font size="1">FOREIGN
      SELLS</font></b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="148"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="650">
  <tr valign="bottom" align="center">
    <td><b><font size="1">MAIN <br>
      PRODUCTS </font></b></td>
    <td colspan="2"><b><font size="1">TOTAL <br>
      PRODUCTION </font></b></td>
    <td colspan="2"><b><font size="1">NET SELLS </font></b></td>
    <td><b><font size="1">DESTINATION </font></b></td>
    <td colspan="2"><b><font size="1">MAIN </font></b></td>
  </tr>
  <tr valign="bottom" align="center">
    <td>&nbsp;</td>
    <td><b><font size="1">VOLUME </font></b></td>
    <td><b><font size="1">AMOUNT </font></b></td>
    <td><b><font size="1">VOLUME </font></b></td>
    <td><b><font size="1">AMOUNT </font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="1">TRADEMARKS </font></b></td>
    <td><b><font size="1">COSTUMERS </font></b></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">STRUCTURAL PROFILES </font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">8 </font></p>
    </td>
    <td align="right">
      <p><font size="1">31,716 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">COMMERCIAL PROFILES </font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">11 </font></p>
    </td>
    <td align="right">
      <p><font size="1">39,457 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">REBAR </font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">25 </font></p>
    </td>
    <td align="right">
      <p><font size="1">92,161 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">STEEL BARS </font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">7 </font></p>
    </td>
    <td align="right">
      <p><font size="1">29,847 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">FLAT BAR </font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="1">3 </font></p>
    </td>
    <td align="right">
      <p><font size="1">10,388 </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="1">T O T A L </font></b></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="1">203,569&nbsp; </font></b></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;&nbsp;&nbsp;<b><font size="1">NOTES </font></b></td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="right">
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 20; page: 20" -->




<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="169"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="10"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="261"><font size="1"></font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="148"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="169"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="261"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="169"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="261"><font size="1"><b><font size="1"> <b> <b> <font size="1">INTEGRATION
      OF THE PAID SOCIAL CAPITAL STOCK <br>
      CHARACTERISTICS OF THE SHARES</font></b></b></font></b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"><b>CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="650">
  <tr valign="bottom" align="center">
    <td>
      <p><b><font size="1">&nbsp; </font></b></p>
    </td>
    <td><b></b></td>
    <td>
      <p><b><font size="1">&nbsp; </font></b></p>
    </td>
    <td colspan="3">
      <p><b><font size="1">&nbsp;NUMBER OF SHARES </font></b></p>
      </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">&nbsp; </font></b></p>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td>
      <p><b><font size="1">SERIES </font></b></p>
    </td>
    <td><b><font size="1">NOMINAL <br>
      VALUE </font></b></td>
    <td>
      <p><b><font size="1">VALID <br>
        CUPON </font></b></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">&nbsp; </font></b></p>
    </td>
    <td><b></b></td>
    <td>
      <p><b><font size="1">&nbsp; </font></b></p>
    </td>
    <td>
      <p><b><font size="1">&nbsp; </font></b></p>
    </td>
    <td>
      <p><b><font size="1">CAPITAL <br>
        STOCK <br>
        (Thousands of Pesos) </font></b></p>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td>
      <p><b><font size="1">&nbsp; </font></b></p>
    </td>
    <td><b></b></td>
    <td><b></b></td>
    <td>
      <p><b><font size="1">PORTION </font></b></p>
    </td>
    <td>
      <p><b><font size="1">PORTION </font></b></p>
    </td>
    <td>
      <p><b><font size="1">MEXICAN </font></b></p>
    </td>
    <td>
      <p><b><font size="1">FREE <br>
        SUSCRIPTION </font></b></p>
    </td>
    <td>
      <p><b><font size="1">FIXED </font></b></p>
    </td>
    <td>
      <p><b><font size="1">VARIABLE </font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">B </font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="1">0 </font></p>
    </td>
    <td align="right">
      <p><font size="1">15,283,350 </font></p>
    </td>
    <td align="right">
      <p><font size="1">105,065,505 </font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="1">120,348,855 </font></p>
    </td>
    <td align="right">
      <p><font size="1">222,963 </font></p>
    </td>
    <td align="right">
      <p><font size="1">1,532,713 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="1">TOTAL </font></b></p>
    </td>
    <td><b></b></td>
    <td align="right"><b></b></td>
    <td valign="bottom" align="right">
      <p><b><font size="1">15,283,350 </font></b></p>
    </td>
    <td valign="bottom" align="right">
      <p><b><font size="1">105,065,505 </font></b></p>
    </td>
    <td valign="bottom" align="right">
      <p><b><font size="1">0 </font></b></p>
    </td>
    <td align="right">
      <p><b><font size="1">120,348,855 </font></b></p>
    </td>
    <td align="right">
      <p><b><font size="1">222,963 </font></b></p>
    </td>
    <td align="right">
      <p><b><font size="1">1,532,713 </font></b></p>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left">
    <td>
      <p><b><font face="Arial" size="1">TOTAL NUMBER OF SHARES REPRESENTING THE
        PAID-IN CAPITAL STOCK ON THE DATE OF SENDING THE INFORMATION: </font></b><font face="Arial" size="1">
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </font><font face="Times New Roman" size="2"><font face="Arial" size="1">120,348,855
        </font> </font></p>
      <p><font face="Arial" size="1"><b>SHARES PROPORTION BY:</b> </font></p>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top>
      <p><b><font face="Arial" size="1">CPO&#146;S : </font></b></p>
    </td>
    <td valign=top>
      <p><font face="Arial" size="1">0 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><b><font face="Arial" size="1">ADRS&#146;s : </font></b></p>
    </td>
    <td valign=top>
      <p><font face="Arial" size="1">1,268,213 ADR&#146;S OF 1 SHARE EACH ONE. </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><b><font face="Arial" size="1">UNITS : </font></b></p>
    </td>
    <td valign=top>
      <p><font face="Arial" size="1">0 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><b><font face="Arial" size="1">GDRS&#146;s : </font></b></p>
    </td>
    <td valign=top>
      <p><font face="Arial" size="1">0 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><b><font face="Arial" size="1">ADS&#146;s : </font></b></p>
    </td>
    <td valign=top>
      <p><font face="Arial" size="1">0 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><b><font face="Arial" size="1">GDS&#146;s : </font></b></p>
    </td>
    <td valign=top>
      <p><font face="Arial" size="1">0 </font></p>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><b><font size="1">REPURCHASED OWN SHARES <br>
      </font></b></td>
  </tr>
  <tr valign="bottom" align="center">
    <td>
      <p><b><font size="1">&nbsp; </font></b></p>
    </td>
    <td><b></b></td>
    <td>
      <p><b><font size="1">&nbsp; </font></b></p>
    </td>
    <td colspan="2">
      <p><b><font size="1">MARKET VALUE OF THE SHARE </font></b></p>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td>
      <p><b><font size="1">SERIES </font></b></p>
    </td>
    <td><b><font size="1">NUMBER <br>
      OF <br>
      SHARES </font></b></td>
    <td>
      <p><b></b></p>
    </td>
    <td>
      <p><b><font size="1">AT <br>
        REPURCHASE </font></b></p>
    </td>
    <td>
      <p><b><font size="1">&nbsp;AT <br>
        QUARTER </font></b> </p>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left">
    <td>
      <p><b><font size="2">NOTES </font></b></p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>


<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="183"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="10"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="246"><font size="1"></font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="148"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="183"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="246"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="183"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="246"><font size="1"><b><font size="1"> <b> <b> <font size="1">CONSTRUCTION
      IN PROGRESS <br>
      (Proyect, Total Investment and % of Advance) </font></b></b></font></b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="183"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="246"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="183">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" valign="bottom" width="246"><font size="1"><b>ANNEX 13</b></font></td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="bottom" width="148"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom" align="left">
    <td width=516 colspan="5"><font size="2">THE PROYECTS IN PROGRESS AT SEPTEMBER
      30, 2003, ARE: </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=290>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td width=95>&nbsp;</td>
    <td width=131>&nbsp;</td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=290>
      <p><font size="2">PROYECTS IN </font></p>
    </td>
    <td colspan="2">
      <p><font size="2">TOTAL </font></p>
    </td>
    <td width=95>
      <p><font size="2">PHISICAL </font></p>
    </td>
    <td width=131>
      <p><font size="2">FINISHED </font></p>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=290>
      <p><font size="2">PROGRESS </font></p>
    </td>
    <td colspan="2">
      <p><font size="2">INVESTMENT </font></p>
    </td>
    <td width=95>
      <p><font size="2">ADVANCE </font></p>
    </td>
    <td width=131>
      <p><font size="2">AT </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p>&nbsp;</p>
    </td>
    <td width=91>
      <p>&nbsp;</p>
    </td>
    <td width=33><font size="2"> </font></td>
    <td width=95>
      <p>&nbsp;</p>
    </td>
    <td width=131>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">SLITTING SYSTEM TO ROLLING </font></p>
    </td>
    <td width=91>
      <p>&nbsp;</p>
    </td>
    <td width=33><font size="2"> </font></td>
    <td width=95>
      <p>&nbsp;</p>
    </td>
    <td width=131>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">MILL WITH TWO ROWS </font></p>
    </td>
    <td align="right" width=91>
      <p><font size="2">Ps. 4,905 </font></p>
    </td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95>
      <p><font size="2">80% </font></p>
    </td>
    <td align="center" width=131>
      <p><font size="2">February 2004 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290><font size="2"> </font></td>
    <td align="right" width=91><font size="2"> </font></td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95><font size="2"> </font></td>
    <td align="center" width=131><font size="2"> </font></td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">SYSTEM COMPUTERIZED FOR </font></p>
    </td>
    <td align="right" width=91>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=131>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">REGULATION OF ELECTRODES </font></p>
    </td>
    <td align="right" width=91>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=131>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">IN THE FUSION FURNACE </font></p>
    </td>
    <td align="right" width=91>
      <p><font size="2">2,495 </font></p>
    </td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95>
      <p><font size="2">92% </font></p>
    </td>
    <td align="center" width=131>
      <p><font size="2">November 2003 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290><font size="2"> </font></td>
    <td align="right" width=91><font size="2"> </font></td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95><font size="2"> </font></td>
    <td align="center" width=131><font size="2"> </font></td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">VARIOUS </font></p>
    </td>
    <td align="right" width=91>
      <p><font size="2">669 </font></p>
    </td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=131>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290><font size="2"> </font></td>
    <td align="right" width=91><font size="2"> </font></td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95><font size="2"> </font></td>
    <td align="center" width=131><font size="2"> </font></td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2"><b>TOTAL INVESTMENT AT </b> </font></p>
    </td>
    <td align="right" width=91>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=131>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2"><b>SEPTEMBER 30, 2003</b> </font></p>
    </td>
    <td align="right" width=91>
      <p><font size="2"><b>8,069</b> </font></p>
    </td>
    <td align="right" width=33><font size="2"> </font></td>
    <td align="right" width=95>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=131>
      <p>&nbsp;</p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="10"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="245"><font size="1"></font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="148"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="245"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" width="245"><font size="1"><b><font size="1"> <b> <b> <font size="1">FOREIGN
      CURRENCY TRANSACTIONS AND <br>
      EXCHANGE DIFFERENCES</font></b></b></font></b></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="right" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1"></font></td>
    <td width="10"><font size="1"></font></td>
    <td align="center" valign="bottom" width="245"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td align="center" valign="bottom" width="148"><font size="1"></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="185">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" valign="bottom" width="245"><font size="1"><b>ANNEX 14</b></font></td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="bottom" width="148"><font size="1"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><FONT SIZE="2"><B>Foreign currency transactions and exchange
differences -</B> All transactions in foreign currency are recorded at the exchange rates
prevailing on the date of their execution or liquidation. Foreign currency denominated
assets and liabilities are translated at the exchange rates prevailing at the balance
sheet date. Any exchange differences incurred with regard to assets or liabilities
denominated in foreign currency are charged to operations of the period and are included
in financial income (expense) in the accompanying consolidated statements of income
(loss).</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>The financial statements of foreign subsidiaries
are translated into Mexican  pesos in conformity with Bulletin B-15 &#147;Transactions in
Foreign Currency and  Translation of Financial Statements of Foreign Operations&#148;.
All foreign  subsidiaries are considered to be &#147;integrated foreign operations&#148;,
as defined in  Bulletin B-15, and accordingly such financial statements were translated
as  follows:</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2">&nbsp;- </font></td>
    <td width=96%><font size="2">Monetary items at the exchange rate at the balance
      sheet date.</font></td>
  </tr>
  <tr>
    <td width=4% valign=top><font size="2">&nbsp;- </font></td>
    <td width=96%><font size="2">Non-monetary items and stockholders&#146; equity
      at the exchange rate prevailing at the date the transactions occurred. </font></td>
  </tr>
  <tr>
    <td width=4% valign=top><font size="2">&nbsp;- </font></td>
    <td width=96%><font size="2">Income and expense items at an appropriate average
      exchange rate. </font></td>
  </tr>
  <tr>
    <td width=4% valign=top><font size="2">&nbsp;- </font></td>
    <td width=96%><font size="2">The resulting foreign currency translation differences
      are included in the financial income (expense) in the statement of income
      (loss).</font></td>
  </tr>
  <tr>
    <td width=4% valign=top><font size="2">&nbsp;- </font></td>
    <td width=96%><font size="2"> All resulting Mexican peso amounts are restated
      for the effects of inflation in accordance with the dispositions of Bulletin
      B-10 using the NCPI, where such effects are considered significant.</font></td>
  </tr>
</table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=3>MEXICAN STOCK EXCHANGE  <BR>SIFIC / ICS</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" width="185"><font size="1">STOCK EXCHANGE
      CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b><br>
      </font></td>
    <td width="16"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="237"><font size="1"></font></td>
    <td width="14"><font size="1">&nbsp;&nbsp;</font></td>
    <td align="right" valign="bottom" width="148"><font size="1">QUARTER: &nbsp;<b>3</b>
      YEAR:<b> &nbsp;2003 <br>
      &nbsp;CONSOLIDATED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td  align=center><font size=2><B><font size="1">DECLARATION OF THE COMPANY
      OFFICIALS RESPONSIBLE FOR THE INFORMATION CONTAINED IN THIS REPORT.</font></B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>LUIS GARCIA LIMON AND ADOLFO LUNA LUNA CERTIFY
THAT BASED ON OUR KNOWLEDGE, THIS  REPORT DOES NOT CONTAIN ANY UNTRUE STATEMENT OF A
MATERIAL FACT OR OMIT TO STATE  A MATERIAL FACT NECESSARY TO MAKE THE STATEMENTS MADE
HEREIN, IN LIGHT OF THE  CIRCUMSTANCES UNDER WHICH SUCH STATEMENTS WERE MADE, NOT
MISLEADING WITH RESPECT  TO THE PERIOD COVERED BY THIS THIRD QUARTER REPORT.</font></td></tr></table>

<p>
<table width=600>
  <tr align="left" valign="bottom">
    <td width="85"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="249"><font size="1"><B>ING LUIS GARCIA LIMON <br>
      CHIEF EXECUTIVE OFFICER </B></font></td>
    <td width="17"><font size="1">&nbsp;&nbsp;</font></td>
    <td width="229"><font size="1"><b> C.P. ADOLFO LUNA LUNA <br>
      CHIEF FINANCIAL OFFICER </b></font></td>
  </tr>
</table>



<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="1">GUADALAJARA, JAL, AT OCTOBER
      28 OF 2003</font></B></font></td>
  </tr></table>


<p>&nbsp; </p>
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    <td width=60 align=right><font size="1">&nbsp;</font></td>
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<p>&nbsp;
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