-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OOJmXk99jtcz5NcRIsxkxUhoisFOaTvyvY5gLaC1hzlFZpr3PU0hG78z/xMuNI69
 M4saR9S/hyu144Wznf0yJQ==

<SEC-DOCUMENT>0000891092-05-000388.txt : 20050225
<SEC-HEADER>0000891092-05-000388.hdr.sgml : 20050225
<ACCEPTANCE-DATETIME>20050225161707
ACCESSION NUMBER:		0000891092-05-000388
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050223
FILED AS OF DATE:		20050225
DATE AS OF CHANGE:		20050225

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:		05641571

	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>e20507_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY>

<div style='width:600;'>


  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size="4">UNITED STATES</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>Washington, D.C. 20549</font></b></font></p>
  <p style='margin-top:12pt;margin-bottom:0pt;'>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=4>FORM 6-K</font></b></font></p>
  <p style='margin-top:12pt;margin-bottom:0pt;'>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>REPORT
    OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br>
    UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></b></font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >

      <td width="140" valign=top style='padding:3.0pt 0in 0in 0in' align="left">
        <font size=2>For the month of</font></td>
      <td width="756" valign=top style='padding:3.0pt 0in 0in 0in' align="center">
        <font size=2>February</font>&nbsp;&nbsp;
        <hr size="1" noshade>
      </td>
      <td width="75" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <font size=2>, 2005.</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><br>
    <font size=2>Group Simec, Inc.</font></font></p>
  <hr size="1" noshade>
  <div align="center"><font size="2" face="Times New Roman, Times, serif">(Translation of Registrant&#146;s
    Name Into English)</font> </div>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">Mexico</font></p>
  <hr size="1" noshade>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Times New Roman, Times, serif">(Jurisdiction
    of incorporation or organization)</font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">Av.
    Lazaro Cardenas 601, Colonia la Nogalera, Guadalajara, Jalisco, Mexico 44440</font></p>
  <hr size="1" noshade>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="1" face="Times New Roman, Times, serif">(Address
    of principal executive office)</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">(Indicate
    by check mark whether the registrant files or will file annual reports under
    cover of Form 20-F or Form 40-F.) <br>
    <br>
    </font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="11%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="20%"><font size=2>Form 20-F</font> <font size="2">[X]</font></td>
      <td width="4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="65%"><font size=2>Form 20-F</font> <font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">
    <br>
    </font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">(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.) <br>
    <br>
    </font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="11%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="20%"><font size=2>Yes</font> <font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
      <td width="4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="65%"><font size=2>No</font> <font size="2">[X]</font></td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">
    &#147;Yes&#148; is marked, indicate below the file number assigned to the
    registrant in connection with Rule 12g3-2(b): 82-_____________________.)</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIGNATURE</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; text-indent:1in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table border="0" cellspacing="0" cellpadding="0" width="100%">
    <tr align="left" valign="top">
      <td width="63%">&nbsp;</td>
      <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="2%">&nbsp;&nbsp;</td>
      <td width="30%"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRUPO
        SIMEC, S.A. de C.V.</font>
        <hr size="1" noshade align="left" width="200">
        <font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)
        </font></td>
    </tr>
    <tr align="left" valign="top">
      <td width="63%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="30%">&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td width="63%">
        <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:
          February 23,  2005.</font></p>
      </td>
      <td width="5%"><font size=2>By:</font></td>
      <td width="2%">&nbsp;</td>
      <td width="30%"><font size="2">/s/ Luis Garc&#237;a Lim&#243;n</font>
        <hr size="1" noshade align="left" width="150">
      </td>
    </tr>
    <tr align="left" valign="top">
      <td width="63%">&nbsp;</td>
      <td width="5%"><font size=2>Name:</font></td>
      <td width="2%">&nbsp;</td>
      <td width="30%"><font size=2>Luis Garc&#237;a Lim&#243;n</font></td>
    </tr>
    <tr align="left" valign="top">
      <td width="63%">&nbsp;</td>
      <td width="5%"><font size=2>Title:</font></td>
      <td width="2%">&nbsp;</td>
      <td width="30%"><font size=2>Chief Executive Officer</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:3in; text-indent:0.5in;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><img src="img1.jpg" width="98" height="35">
    <br>
    <br>
  </font></p>
  <table border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse' width="100%">
    <tr align="left" valign="top" >
      <td style='padding:3.0pt 0in 0in 0in' width="52%">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>PRESS RELEASE</font></b></p>
      </td>
      <td style='padding:3.0pt 0in 0in 0in' width="11%">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2" face="Times New Roman, Times, serif">Contact:</font></p>
      </td>
      <td style='padding:3.0pt 0in 0in 0in' width="37%">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2" face="Times New Roman, Times, serif">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></p>
      </td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="center">
      <td><b><font size="2" face="Times New Roman, Times, serif">GRUPO SIMEC ANNOUNCES PRELIMINARY (UNAUDITED) RESULTS
        OF OPERATIONS FOR <br>
        THE YEAR ENDED DECEMBER 31, 2004</font></b></td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;' align="center"><font size="2" face="Times New Roman, Times, serif">GUADALAJARA,
    MEXICO, February 22, 2005- Grupo Simec, S.A. de C.V. (AMEX-SIM) (&#147;Simec&#148;)
    announced today its preliminary (unaudited) results of operations for the
    year ended December 31, 2004. Net sales increased 85% to Ps. 5,693 million
    in 2004 (including the net sales recorded since August 1, 2004 generated by
    the newly acquired plants in Apizaco and Cholula of Ps. 1,204 million), compared
    to Ps. 2,930 million in 2003, primarily due to higher finished product prices
    and also resulting from higher production levels. Primarily as a result of
    the foregoing, Simec recorded net income of Ps. 1,330 million in 2004 versus
    net income of Ps. 308 million in 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">On
    September 10, 2004 Simec completed the acquisition of the property, plant
    and equipment and the inventories, and assumed liabilities associated with
    seniority premiums of employees of the Mexican steel-making facilities of
    Industr&#237;as Ferricas del Norte, S.A. (Corporaci&#243;n Sidenor of Spain)
    located in Apizaco, Tlaxcala and Cholula, Puebla. Simec&#146;s total investment
    in this transaction was approximately U.S. $135 million, funded with internally
    generated resources of Simec and capital contributions from its parent company
    Industrias CH, S.A. de C.V. (&#147;ICH&#148;) of U.S. $19 million for capital
    stock to be issued in the future. Simec began to operate the plants in Apizaco,
    Tlaxcala and Cholula, Puebla on August 1, 2004, and, as a result, the operations
    of both plants are reflected in Simec&#146;s financial results as of such
    date.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec
    sold 773,297 metric tons of basic steel products during 2004 (including 155,614
    tons produced by the newly acquired plants in Apizaco and Cholula), an increase
    of 23% as compared to 628,243 metric tons in 2003. Exports of basic steel
    products were 97,126 metric tons in 2004 (including 12,394 tons produced by
    the newly acquired plants in Apizaco and Cholula) versus 80,744 metric tons
    in 2003. Additionally Simec sold 41,832 tons of billet in 2004 as compared
    to 63,616 tons of billet in 2003. Prices of finished products sold in 2004
    increased 63% in real terms versus 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec&#146;s
    direct cost of sales was Ps. 3,266 million in 2004 (including Ps. 797 million
    relating to the newly acquired plants in Apizaco and Cholula), or 57% of net
    sales, versus Ps. 1,925 million, or 66% of net sales, for 2003. The average
    cost of raw materials used to produce steel products increased 44% in real
    terms in 2004 versus 2003, primarily as a result of significant increases
    in the price of scrap and certain other raw materials. Indirect manufacturing,
    selling, general and administrative expenses (including depreciation) were
    Ps. 622 million during 2004 (including Ps. 128 million relating to the newly
    acquired plants in Apizaco and Cholula), compared to Ps. 488 million in 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec&#146;s
    operating income increased 249% to Ps. 1,805 million during 2004 (including
    Ps. 279 million relating to the newly acquired plants in Apizaco and Cholula)
    from Ps. 517 million in 2003. Operating income was 32% of net sales in 2004
    compared to 18% of net sales in 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec
    recorded other expense, net, of Ps. 18 million in 2004 compared to other expense,
    net, of Ps. 31 million in 2003. In addition, Simec recorded a provision for
    income tax and employee profit sharing of Ps. 418 million in 2004 versus a
    provision of Ps. 152 million in 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec
    recorded financial expense of Ps. 39 million in 2004 compared to financial
    expense of Ps. 26 million in 2003 as a result of (i) net interest income of
    Ps. 6 million in 2004 compared to net interest expense of Ps. 13 million in
    2003, (ii) an exchange gain of Ps. 3 million in 2004 compared to an exchange
    loss of Ps. 3 million in 2003, reflecting lower debt levels during 2004 and
    a decrease of 0.3% in the value of the peso versus the dollar in 2004 compared
    to a decrease of 9% in the value of the peso versus the dollar in 2003 and
    (iii) a loss from monetary position of Ps. 48 million in 2004 compared to
    a loss from monetary position of Ps. 10 million in 2003, reflecting the domestic
    inflation rate of 5.2% in 2004 compared to the domestic inflation rate of
    4% in 2003 and lower debt levels during the 2004 period.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">At
    December 31, 2004, Simec&#146;s total consolidated debt consisted of approximately
    $0.3 million of U.S. dollar denominated debt. At December 31, 2003, Simec
    had outstanding approximately $2 million of U.S. dollar-denominated debt.
    In March 2004, Simec prepaid the remainder of its outstanding bank debt. At
    December 31, 2004 Simec owed no debt to ICH.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">All
    figures were prepared in accordance with Mexican generally accepted accounting
    principles and are stated in constant Pesos at December 31, 2004.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec
    is a mini-mill steel producer in Mexico and manufactures a broad range of
    non-flat structural steel products.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">###</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size="2">MEXICAN
    STOCK EXCHANGE</font></b><font size="2">
    </font></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>CONSOLIDATED
    FINANCIAL STATEMENT </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">AT
    DECEMBER 31 OF 2004 AND 2003 </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">(thousands
    of pesos)</font><font face="Times New Roman, Times, serif"><b><font size=2>
    </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>REF</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CATEGORIES</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>QUARTER
            OF PRESENT</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FINANCIAL
            YEAR</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>QUARTER
            OF PREVIOUS</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FINANCIAL
            YEAR</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>S</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>AMOUNT</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>%</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>AMOUNT</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
            ASSETS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>8,961,499</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6,316,898</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CURRENT
            ASSETS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,922,754</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>33</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,325,344</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>21</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH
            AND SHORT-TERM INVESTMENTS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>506,813</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>542,940</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>ACCOUNTS
            AND DOCUMENTS RECEIVABLE (NET)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,021,314</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>453,699</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            ACCOUNTS AND DOCUMENTS RECEIVABLE</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>187,500</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>20,056</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INVENTORIES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,125,683</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>13</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>303,885</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            CURRENT ASSETS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>81,444</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,764</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>8</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>LONG-TERM</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>10,835</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>ACCOUNTS
            AND DOCUMENTS RECEIVABLE (NET)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10,835</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INVESTMENT
            IN SHARES OF SUBSIDIARIES</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>AND
            NON-CONSOLIDATED</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            INVESTMENTS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>12</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>PROPERTY,
            PLANT AND EQUIPMENT</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5,807,809</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>65</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4,709,664</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>75</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>13
            </font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>PROPERTY</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,176,779</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>24</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,017,329</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>32</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>14</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MACHINERY
            AND INDUSTRIAL</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,881,028</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>66</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,750,392</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>75</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            EQUIPMENT</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>150,861</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>142,523</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>ACCUMULATED
            DEPRECIATION</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,424,420</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>27</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,201,129</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>35</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>17</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CONSTRUCTION
            IN PROGRESS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>23,561</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>549</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>18</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>DEFERRED
            ASSETS (NET)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>230,936</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>271,055</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>19</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OTHER
            ASSETS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>20
            </font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
            LIABILITIES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,478,663</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,450,345</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>21</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CURRENT
            LIABILITIES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>951,674</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>38</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>341,351</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>24</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>SUPPLIERS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>731,930</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>30</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>217,696</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>23</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>BANK
            LOANS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>20,068</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>24</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>STOCK
            MARKET LOANS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,402</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,569</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>25</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>TAXES
            TO BE PAID</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>45,450</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>40,993</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>26</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            CURRENT LIABILITIES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>170,892</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>59,025</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>27</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>LONG-TERM
            LIABILITIES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>BANK
            LOANS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>29</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>STOCK
            MARKET LOANS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>30</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>OTHER
            LOANS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>31</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>DEFERRED
            LOANS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,526,989</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>62</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,108,994</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>76</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>32</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>OTHER
            LIABILITIES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>33</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>CONSOLIDATED
            STOCKHOLDERS&#146; EQUITY</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6,482,836</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4,866,553</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>34</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>MINORITY
            INTEREST</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>310</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>264</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>35</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>MAJORITY
            INTEREST</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6,482,526</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4,866,289</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>36</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>CONTRIBUTED
            CAPITAL</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4,149,862</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>64</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,909,419</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>80</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>37</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>PAID-IN
            CAPITAL STOCK (NOMINAL)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,948,155</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>30</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,925,252</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>40</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>38</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>RESTATEMENT
            OF PAID-IN CAPITAL STOCK</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,329,186</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,328,345</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>27</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>39</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>PREMIUM
            ON SALES OF SHARES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>655,822</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>655,822</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>13</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>40</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>CONTRIBUTIONS
            FOR FUTURE CAPITAL INCREASES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>216,699</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>41</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>CAPITAL
            INCREASE (DECREASE)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,332,664</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>36</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>956,870</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>20</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>42</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>RETAINES
            EARNINGS AND CAPITAL RESERVE</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,624,504</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>25</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,316,315</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>27</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>43</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>REPURCHASE
            FUND OF SHARES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>84,226</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>84,226</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>44</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>EXCESS
            (SHORTFALL) IN RESTATEMENT OF STOCKHOLDERS EQUITY</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(706,045)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(11)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(751,860)</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(15)</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>45</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>NET
            INCOME FOR THE YEAR</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,329,979</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>308,189</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size="2">MEXICAN
    STOCK EXCHANGE</font></b><font size="2">
    </font></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size="2">CONSOLIDATED
    FINANCIAL STATEMENT </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">BREAKDOWN
    OF MAIN CATEGORIES </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">(thousands
    of pesos) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PRESENT</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PREVIOUS</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>S</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CASH
            AND SHORT-TERM INVESTMENTS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>506,813</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>542,940</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>46</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>171,814</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>34</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>173,304</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>32</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>47</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>SHORT-TERM
            INVESTMENTS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>334,999</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>66</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>369,636</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>68</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>18</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>DEFERRED
            ASSETS (NET)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>230,936</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>271,055</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>48</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>AMORTIZED
            OR REDEEMED EXPENSES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>228,977</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>99</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>271,055</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>100</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>49</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>GOODWILL</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>50</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>DEFERRED
            TAXES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>51</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHERS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,959</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>21</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CURRENT
            LIABILITIES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>951,674</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>341,351</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>52</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FOREIGN
            CURRENCY LIABILITIES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>373,025</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>39</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>88,549</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>26</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>53</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MEXICAN
            PESOS LIABILITIES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>578,649</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>61</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>252,802</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>74</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>24</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>STOCK
            MARKET LOANS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,402</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,569</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>54</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>COMMERCIAL
            PAPER</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>55</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CURRENT
            MATURITIES OF MEDIUM TERM NOTES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,402</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>100</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,569</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>100</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>56</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CURRENT
            MATURITIES OF BONDS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>26</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OTHER
            CURRENT LIABILITIES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>170,892</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>59,025</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>57</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            CURRENT LIABILITIES WITH COST</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>58</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            CURRENT LIABILITIES WITHOUT COST</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>170,892</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>100</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>59,025</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>100</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>27</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>LONG-TERM
            LIABILITIES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>59</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FOREIGN
            CURRENCY LIABILITIES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>60</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MEXICAN
            PESOS LIABILITIES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>29</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>STOCK
            MARKET LOANS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>61</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>BONDS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>62</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MEDIUM
            TERM NOTES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>30</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OTHER
            LOANS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>63</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>OTHER
            LOANS WITH COST</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>64</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>OTHER
            LOANS WITHOUT COST</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>31</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>DEFERRED
            LOANS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,526,989</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,108,994</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>65</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>NEGATIVE
            GOODWILL</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>66</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>DEFERRED
            TAXES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,505,769</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>99</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,099,540</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>99</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>67</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>OTHERS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21,220</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9,454</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>32</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>OTHER
            LIABILITIES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>68</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>RESERVES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>69</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>OTHER
            LIABILITIES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>44</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>EXCESS
            (SHORTFALL) IN RESTATEMENT OF STOCKHOLDERS&#146;&#146; EQUITY</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(706,045)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(100)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(751,860)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(100)</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>70</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>ACCUMULATED
            INCOME DUE TO MONETARY POSITION</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(706,045)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(100)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(751,860)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(100)</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>71</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>INCOME
            FROM NON-MONETARY POSITION ASSETS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size="2">MEXICAN
    STOCK EXCHANGE</font></b><font size="2">
    </font></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size="2">CONSOLIDATED
    FINANCIAL STATEMENT </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">OTHER
    CONCEPTS </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">(thousands
    of pesos) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PRESENT</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PREVIOUS</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>S</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>72</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>WORKING
            CAPITAL</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,971,080</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>983,993</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>73</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>PENSIONS
            FUND AND SENIORITY PREMIUMS</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>74</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EXECUTIVES
            (*)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>25</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>75</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EMPLOYERS
            (*)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>802</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>374</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>76</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>WORKERS
            (*)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,194</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>889</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>77</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>COMMON
            SHARES (*) </font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>133,542,984</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>131,973,022</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>78</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>REPURCHASED
            SHARES (*)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">(*) THESE ITEMS SHOULD BE EXPRESSED IN UNITS</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>CONSOLIDATED EARNING STATEMENT </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">FROM JANUARY 1 TO DECEMBER 31 OF 2004 AND 2003 </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">(thousands
    of pesos) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PRESENT</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PREVIOUS</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>R</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NET
            SALES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5,693,613</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,930,138</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>COST
            OF SALES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,266,351</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>57</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,924,957</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>66</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>GROSS
            INCOME</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,427,262</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>43</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,005,181</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>34</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OPERATING
            EXPENSES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>622,331</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>487,755</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>17</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OPERATING
            INCOME</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,804,931</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>32</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>517,426</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>18</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>TOTAL
            FINANCING COST</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>38,699</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>25,679</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>7</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>INCOME
            AFTER FINANCING COST</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,766,232</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>31</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>491,747</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>17</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            FINANCIAL OPERATIONS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>18,482</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>31,158</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>9</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>INCOME
            BEFORE TAXES AND WORKERS&#146; PROFIT SHARING</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,747,750</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>31</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>460,589</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>16</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>RESERVE
            FOR TAXES AND WORKERS&#146; PROFIT SHARING</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>417,771</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>152,399</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>11</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>NET
            INCOME AFTER TAXES AND WORKERS&#146; PROFIT SHARING</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,329,979</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>23</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>308,190</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>11</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>12</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>SHARE
            IN NET INCOME OF SUBSIDIARIES AND NON-CONSOLIDATED ASSOCIATES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="40" style='padding:0in 3.5pt 0in 3.5pt' align="right" valign="top"><b><font size=1>13</font></b></td>
        <td width="340" style='padding:0in 3.5pt 0in 3.5pt'><b><font size=1>CONSOLIDATED
            NET INCOME FROM CONTINUOS OPERATIONS</font></b></td>
        <td width="71" style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>1,329,979</font></b></td>
        <td width="71" style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>23</font></b></td>
        <td width="71" style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>308,190</font></b></td>
        <td width="71" style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>11</font></b></td>
      </tr>



      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>14</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INCOME
            FROM DISCONTINUOUS OPERAATIONS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>

      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>15</font></b></td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'><b><font size=1>CONSOLIDATED
            NET INCOME BEFORE EXTRAORDINARY ITEMS</font></b></td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>1,329,979</font></b></td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>23</font></b></td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>308,190</font></b></td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>11</font></b></td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EXTRAORDINARY
            ITEMS NET EXPENSES (INCOME)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>17</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            EFFECT AT THE BEGINNING OF THE YEAR BY CHANGES IN ACCOUNTING PRINCIPLES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>18</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NET
            CONSOLIDATED INCOME</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,329,979</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>23</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>308,190</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>11</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>19</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            INCOME OF MINORITY INTEREST</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>20</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            INCOME OF MAJORITY INTEREST</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,329,979</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>23</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>308,189</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>11</font></b></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>CONSOLIDATED EARNING STATEMENT </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">BREAKDOWN OF MAIN CONCEPTS </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">(thousands of pesos)</font><font face="Times New Roman, Times, serif"><b><font size=2> </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PRESENT</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PREVIOUS</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>R</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NET
            SALES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5,693,613</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,930,138</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>DOMESTIC</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,086,809</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>89</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,594,400</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>89</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FOREIGN</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>606,804</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>335,738</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>23</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>TRANSLATED
            INTO DOLLARS (***)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>52,468</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28,810</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
            FINANCING COST</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>38,699</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>25,679</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>24</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INTEREST
            PAID</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16,237</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>42</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>18,672</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>73</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>25</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EXCHANGE
            LOSSES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,676</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>26</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INTEREST
            EARNED</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21,806</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>56</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,692</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>27</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EXCHANGE
            PROFITS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,036</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(GAIN)
            LOSS FROM MONETARY POSITION</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>47,304</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>122</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10,023</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>39</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>8</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OTHER
            FINANCIAL OPERATIONS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(18,482)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(100)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(31,158)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(100)</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>29</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            NET EXPENSES (INCOME) NET</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(18,482)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(100)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(31,158)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(100)</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>30</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(PROFIT)
            LOSS ON SALE OF OWN SHARES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>31</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(PROFIT)
            LOSS ON SALE OF SHORT-TERM INVESTMENTS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>RESERVE
            FOR TAXES AND WORKERS&#146; PROFIT SHARING</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>417,771</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>152,399</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>32</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INCOME
            TAX</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>31,299</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28,151</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>18</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>33</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>DEFERRED
            INCOME TAX</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>386,472</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>93</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>119,151</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>78</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>34</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>WORKERS&#146;
            PROFIT SHARING</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,097</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>35</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>DEFERRED
            WORKERS&#146; PROFIT SHARING</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">(***) THOUSANDS OF DOLLARS</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>CONSOLIDATED EARNING STATEMENT </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">OTHER CONCEPTS </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">(thousands of pesos)</font><font face="Times New Roman, Times, serif"><b><font size=2> </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PRESENT</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PREVIOUS</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>R</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>36</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>TOTAL
            SALES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,020,741</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,141,101</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>37</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            FISCAL INCOME OF THE YEAR</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>38</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            SALES (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,693,613</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,930,138</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>39</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OPERATION
            INCOME (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,804,931</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>517,426</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>40</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            INCOME OF MAJORITY INTEREST (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,329,979</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>308,189</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>41</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            CONSOLIDATED INCOME (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,329,979</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>308,190</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">(**) THE RESTATED INFORMATION FOR THE LAST TWELVE MONTHS SHOULD BE USED</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>CONSOLIDATED EARNING STATEMENTOF THE SECOND QUARTER </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">FROM OCTOBER 1 TO DECEMBER 31 OF 2004 AND 2003 </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">(thousands of pesos) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
      </td>
      <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER OF PRESENT</font></b></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL YEAR</font></b></p>
      </td>
      <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER OF PREVIOUS</font></b></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL YEAR</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>R</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NET SALES</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,743,729</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>795,063</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>COST OF SALES</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,016,710</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>58</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>526,906</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>66</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>GROSS INCOME</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>727,019</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>42</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>268,157</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>34</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OPERATING EXPENSES</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>209,229</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>12</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>116,606</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OPERATING INCOME</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>517,790</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>30</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>151,551</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>19</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>TOTAL FINANCING COST</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22,647</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(118)</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>7</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>INCOME AFTER FINANCING COST</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>495,143</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>28</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>151,669</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>19</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER FINANCIAL OPERATIONS</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>35,115</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>31,455</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>9</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>INCOME BEFORE TAXES AND WORKERS&#146; PROFIT SHARING</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>460,028</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>26</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>120,214</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>15</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>RESERVE FOR TAXES AND WORKERS&#146; PROFIT SHARING</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>190,785</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>112,431</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>14</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>11</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>NET INCOME AFTER TAXES AND WORKERS&#146; PROFIT SHARING</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>269,243</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>15</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>7,783</font></b></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>12</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>SHARE IN NET INCOME OF SUBSIDIARIES AND NON-CONSOLIDATED ASSOCIATES</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>


    <tr >
      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>13</font></b></td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'><b><font size=1>CONSOLIDATED NET INCOME FROM CONTINUOS OPERATIONS</font></b></td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>269,243</font></b></td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>15</font></b></td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>7,783</font></b></td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>1</font></b></td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>14</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INCOME FROM DISCONTINUOUS OPERAATIONS</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>


    <tr >
      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>15</font></b></td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'><b><font size=1>CONSOLIDATED NET INCOME BEFORE EXTRAORDINARY ITEMS</font></b></td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>269,243</font></b></td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>15</font></b></td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>7,783</font></b></td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="right"><b><font size=1>1</font></b></td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EXTRAORDINARY ITEMS NET EXPENSES (INCOME)</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>17</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET EFFECT AT THE BEGINNING OF THE YEAR BY CHANGES IN ACCOUNTING PRINCIPLES</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>18</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NET CONSOLIDATED INCOME</font></b></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>269,243</font></b></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>15</font></b></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>7,783</font></b></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>19</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET INCOME OF MINORITY INTEREST</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>20</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET INCOME OF MAJORITY INTEREST</font></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>269,243</font></b></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>15</font></b></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>7,782</font></b></p>
      </td>
      <td width="71" valign=bottom style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>CONSOLIDATED EARNING STATEMENT OF THE SECOND QUARTER </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">BREAKDOWN OF MAIN CONCEPTS </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">FROM OCTOBER 1 TO DECEMBER 31 OF 2004 AND 2003 </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">(thousands of pesos) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PRESENT</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PREVIOUS</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>R</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>%</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NET
            SALES</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,743,729</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>795,063</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>DOMESTIC</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,586,862</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>91</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>676,961</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>85</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FOREIGN</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>156,867</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>118,102</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>23</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>TRANSLATED
            INTO DOLLARS (***)</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>13,863</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9,971</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
            FINANCING COST</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>22,647</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(118)</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>24</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INTEREST
            PAID</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,082</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>506</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>429</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>25</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EXCHANGE
            LOSSES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8,704</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>38</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>26</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INTEREST
            EARNED</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,150</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>14</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,872</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,434</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>27</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EXCHANGE
            PROFITS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7,051</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,975</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(GAIN)
            LOSS FROM MONETARY POSITION</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16,011</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>71</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9,299</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7,881</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>8</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OTHER
            FINANCIAL OPERATIONS</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>35,115</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>31,455</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>29</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            NET EXPENSES (INCOME) NET</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>35,115</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>100</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>31,455</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>100</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>30</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(PROFIT)
            LOSS ON SALE OF OWN SHARES</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>31</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(PROFIT)
            LOSS ON SALE OF SHORT-TERM INVESTMENTS</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>RESERVE
            FOR TAXES AND WORKERS&#146; PROFIT SHARING</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>190,785</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>112,431</font></b></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>100</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>32</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INCOME
            TAX</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8,420</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,921</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>33</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>DEFERRED
            INCOME TAX</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>182,365</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>96</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>105,567</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>94</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>34</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>WORKERS&#146;
            PROFIT SHARING</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,943</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>35</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>DEFERRED
            WORKERS&#146; PROFIT SHARING</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="71" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">(***) THOUSANDS OF DOLLARS</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">FROM JANUARY 1 TO DECEMBER 31 OF 2004 AND 2003 </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">(thousands of pesos)</font><font face="Times New Roman, Times, serif"><b><font size=2> </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER OF PRESENT</font></b></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL YEAR</font></b></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER OF PREVIOUS</font></b></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL YEAR</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>C</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CONSOLIDATED NET INCOME</font></b></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,329,979</font></b></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>308,190</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+ (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE CASH</font></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>622,501</font></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>329,795</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CASH FLOW FROM NET INCOME OF THE YEAR</font></b></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,952,480</font></b></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>637,985</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH FLOW FROM CHANGE IN WORKING CAPITAL</font></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,002,979)</font></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(228,625)</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CASH GENERATED (USED) IN OPERATING ACTIVITIES</font></b></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>949,501</font></b></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>409,360</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH FLOW FROM EXTERNAL FINANCING</font></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(20,235)</font></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(352,793)</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>7</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH FLOW FROM INTERNAL FINANCING</font></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>240,443</font></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>377,255</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>8</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CASH FLOW GENERATED (USED) BY FINANCING</font></b></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>220,208</font></b></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>24,462</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>9</font></b></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CASH FLOW GENERATED (USED) IN INVESTMENT ACTIVITIES</font></b></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(1,205,836)</font></b></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(10,155)</font></b></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS</font></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(36,127)</font></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>423,667</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>11</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH AND SHORT-TERM INVESTMENTS AT THE BEGINNING OF PERIOD</font></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>542,940</font></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>119,273</font></p>
      </td>
    </tr>

    <tr >

      <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>12</font></p>
      </td>
      <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH AND SHORT TERM INVESTMENTS AT THE END OF PERIOD</font></p>
      </td>
      <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>506,813</font></p>
      </td>
      <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>

        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>542,940</font></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">BREAKDOWN OF MAIN CONCEPTS </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">(thousands of pesos)</font><font face="Times New Roman, Times, serif"><b><font size=2> </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PRESENT</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PREVIOUS</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>C</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="40" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2</font></b></p>
        </td>
        <td width="340" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>+
            (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE CASH</font></b></p>
        </td>
        <td width="142" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>622,501</font></b></p>
        </td>
        <td width="141" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>329,795</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>13</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>DEPRECIATION
            AND AMORTIZATION FOR THE YEAR</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>223,170</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>191,635</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>14</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) NET INCREASE (DECREASE) IN PENSIONS FUND AND SENIORITY PREMIUMS</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>260</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>15</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) NET LOSS (PROFIT) IN MONEY EXCHANGE</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="40" style='padding:0in 3.5pt 0in 3.5pt' valign="top">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>16</font></p>
        </td>
        <td width="340" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) NET LOSS (PROFIT) IN ASSETS AND LIABILITIES ACTUALIZATION</font></p>
        </td>
        <td width="142" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>17</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) OTHER ITEMS</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>40</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) OTHER ITEMS WHICH DO NOT AFFECT EBITDA</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>399,331</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>137,900</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CASH
            FLOW CHANGE IN WORKING CAPITAL</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(1,002,979)</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(228,625)</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>18</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) DECREASE (INCREASE) IN ACCOUNT RECEIVABLES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(567,615)</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(21,135)</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>19</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) DECREASE (INCREASE) IN INVENTORIES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(821,798)</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(9,529)</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>20</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) DECREASE (INCREASE) IN OTHER ACCOUNT RECEIVABLES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(244,124)</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>40,427</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>21</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) DECREASE (INCREASE) IN SUPPLIER ACCOUNT</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>514,234</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(10,166)</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>22</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) DECREASE (INCREASE) IN OTHER LIABILITIES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>116,324</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(228,222)</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CASH
            FLOW FROM EXTERNAL FINANCING</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(20,235)</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(352,793)</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>23</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            SHORT-TERM BANK AND STOCK MARKET FINANCING</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(824)</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,661</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>24</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            LONG-TERM BANK AND STOCK MARKET FINANCING</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>25</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            DIVIDEND RECEIVED</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>26</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER
            FINANCING</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>78</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>27</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>BANK
            FINANCING AMORTIZATION</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(19,411)</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(354,532)</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>28</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(-)
            STOCK MARKET AMORTIZATION</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>29</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(-)
            OTHER FINANCING AMORTIZATION</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>7</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CASH
            FLOW FROM INTERNAL FINANCING</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>240,443</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>377,255</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>30</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) INCREASE (DECREASE) IN CAPITAL STOCK</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>23,744</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>377,255</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>31</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(-)
            DIVIDENDS PAID</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>32</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            PREMIUM ON SALE OF SHARES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>33</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            CONTRIBUTION FOR FUTURE CAPITAL INCREASES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>216,699</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="40" style='padding:0in 3.5pt 0in 3.5pt' valign="top">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>9</font></b></p>
        </td>
        <td width="340" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>CASH
            FLOW GENERATED (UTILIZED) IN INVESTMENT ACTIVITIES</font></b></p>
        </td>
        <td width="142" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(1,205,836)</font></b></p>
        </td>
        <td width="141" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(10,155)</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>34</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) INCREASE 8DECREASE) IN STOCK INVESTMENTS OF A PERMANENT NATURE</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>35</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(-)
            ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,246,809)</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(61,895)</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>36</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(-)
            INCREASE IN CONSTRUCTION PROGRESS</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>37</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            SALE OF OTHER PERMANET INVESTMENTS</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>38</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            SALE OF TANGIBLE FIXED ASSETS</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>39</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>+
            (-) OTHER ITEMS</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>40,973</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>51,740</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><br>
    <b><font SIZE=2>RATIOS
    </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="663" style='margin-left:2.5pt;border-collapse:collapse'>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PRESENT</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PREVIOUS</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>P</font></b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>YIELD</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            INCOME TO NET SALES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>23.36%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>10.52%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>NET
            INCOME TO STOCKHOLDERS&#146; EQUITY (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>20.52%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6.33%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>3</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            INCOME TO TOTAL ASSETS (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>14.84%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>4.88%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH
            DIVIDENDS TO PREVIOUS YEAR NET INCOME</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.00%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.00%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INCOME
            DUE TO MONETARY POSITION TO NET INCOME</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(3.56)%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(3.25)%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>ACTIVITY</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            SALES TO NET ASSETS (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.64
            times</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.46
            times</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>7</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            SALES TO FIXED ASSETS (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.98
            times</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.62
            times</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>8</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>INVENTORIES
            ROTATION (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2.90
            times</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6.33
            times</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>9</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>ACCOUNTS
            RECEIVABLE IN DAYS OF SALES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>56
            days</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>49
            days</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>PAID
            INTEREST TO TOTAL LIABILITIES WITH COST (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>477.28%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>78.99%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>LEVERAGE</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>11</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>TOTAL
            LIABILITIES TO TOTAL ASSETS</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>27.66%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>22.96%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>12</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>TOTAL
            LIABILITIES TO STOCKHOLDERS&#146; EQUITY</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.38
            times</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.30
            times</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>13</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FOREIGN
            CURRENCY LIABILITIES TO TOTAL LIABILITIES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>15.05%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6.11%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>14</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>LONG-TERM
            LIABILITIES TO FIXED ASSETS</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.00%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.00%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>15</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OPERATING
            INCOME TO INTEREST PAID</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>111.16
            times</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>27.71
            times</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>16</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NET
            SALES TO TOTAL LIABILITIES (**)</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2.30
            times</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2.02
            times</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>LIQUIDITY</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>17</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CURRENT
            ASSETS TO CURRENT LIABILITIES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>3.07
            times</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>3.88
            times</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>18</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CURRENT
            ASSETS LESS INVENTORY TO CURRENT LIABILITIES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>1.89
            times</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2.99
            times</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>19</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CURRENT
            ASSETS TO TOTAL LIABILITIES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>1.18
            times</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>0.91
            times</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>20</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>AVAILABLE
            ASSETS TO CURRENT LIABILITIES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>53.25%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>159.06%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CASH
            FLOW</font></b></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>21</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH
            FLOW FROM NET INCOME TO NET SALES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>34.29%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>21.77%</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="40" style='padding:0in 3.5pt 0in 3.5pt' valign="top">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>22</font></p>
        </td>
        <td width="340" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>CASH
            FLOW FROM CHANGES IN WORKING CAPITAL TO NET SALES</font></p>
        </td>
        <td width="142" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(17.62)%</font></p>
        </td>
        <td width="141" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(7.80)%</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="40" style='padding:0in 3.5pt 0in 3.5pt' valign="top">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>23</font></p>
        </td>
        <td width="340" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>CASH
            GENERATED (USED) IN OPERATING TO INTEREST PAID</font></p>
        </td>
        <td width="142" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>58.48
            times</font></p>
        </td>
        <td width="141" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>21.92
            times</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="40" style='padding:0in 3.5pt 0in 3.5pt' valign="top">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>24</font></p>
        </td>
        <td width="340" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>EXTERNAL
            FINANCING TO CASH GENERATED (USED) IN FINANCING</font></p>
        </td>
        <td width="142" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(9.19)%</font></p>
        </td>
        <td width="141" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,442.21)%</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="40" style='padding:0in 3.5pt 0in 3.5pt' valign="top">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>25</font></p>
        </td>
        <td width="340" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>INTERNAL
            FINANCING TO CASH GENERATED (USED) IN FINANCING</font></p>
        </td>
        <td width="142" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>109.19%</font></p>
        </td>
        <td width="141" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>1,542.21%</font></p>
        </td>
      </tr>
      <tr >
        <td width="40" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>26</font></p>
        </td>
        <td width="340" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>ACQUISITION
            OF PROPERTY, PLANT AND EQUIPMENT TO CASH GENERATED (USED) IN INVESTMENT
            ACTIVITIES</font></p>
        </td>
        <td width="142" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>103.40%</font></p>
        </td>
        <td width="141" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>609.50%</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;(**)
    IN THESE RATIOS PROVIDE INFORMATION FOR THE LAST TWELVE MONTHS</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>DATE PER SHARE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED
    </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 style='margin-left:2.5pt;border-collapse:collapse' width="660">
      <tr >
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>REF</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CATEGORIES</font></b></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' colspan="2">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PRESENT</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' colspan="2">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>QUARTER
            OF PREVIOUS</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FINANCIAL
            YEAR</font></b></p>
        </td>
      </tr>
      <tr >
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' height="16" width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>D</font></b></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' height="16" width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' height="16" width="95">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' height="16" width="50">&nbsp;</td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' height="16" width="84">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' height="16" width="44">&nbsp;</td>
      </tr>
      <tr >
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' width="95">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' width="84">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td valign=top style='padding:0in 3.5pt 0in 3.5pt' width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>1</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>BASIC
            PROFIT PER ORDINARY SHARE (**)</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>$ 10.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>$ 2.59</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>BASIC
            PROFIT PER PREFERENCE SHARE (**)</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>3</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>DILUTED
            PROFIT PER ORDINARY SHARE (**)</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CONTINUOUS
            OPERATING PROFIT PER COMMON SHARE (**)</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>$ 10.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>$ 2.59</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35" valign="top">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EFFECT
            OF DISCONTINUED OPERATIONS ON CONTINUOUS <br>
            OPERATING PROFIT PER SHARE (**)</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>&nbsp;$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>&nbsp;$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35" valign="top">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EFFECT
            OF EXTRAORDINARY PROFIT AND LOSS ON <br>
            CONTINUOUSOPERATING PROFIT PER SHARE (**)</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>&nbsp;$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>&nbsp;$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35" valign="top">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>7</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>EFFECT
            BY CHANGES IN ACCOUNTING POLICIES ON <br>
            CONTINUOUS OPERATING PROFIT PER SHARE (**)</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>&nbsp;$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>&nbsp;$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>8</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CARRYING
            VALUE PER SHARE</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>$ 48.54</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>$ 36.87</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>9</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CASH
            DIVIDEND ACCUMULATED PER SHARE</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="50">&nbsp;</td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>$ 0.00</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>10</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>DIVIDEND
            IN SHARES PER SHARE</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>0.00 </font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="50"><font size=1>shares</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>0.00 </font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44"><font size=1>shares</font></td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>11</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MARKET
            PRICE TO CARRYING VALUE</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>1.85 </font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="50"><font size=1>times</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>1.07 </font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44"><font size=1>times</font></td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>12</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MARKET
            PRICE TO BASIC PROFIT PER COMMON SHARE (**)</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>9.00 </font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="50"><font size=1>times</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>15.23 </font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44"><font size=1>times</font></td>
      </tr>
      <tr valign="bottom" >
        <td style='padding:0in 3.5pt 0in 3.5pt' width="35">
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>13</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' width="352">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MARKET
            PRICE TO BASIC PROFIT PER PREFERENCE SHARE (**)</font></p>
        </td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="95">
          <font size=1>0.00 </font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="50"><font size=1>times</font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="right" width="84">
          <font size=1>0.00 </font></td>
        <td style='padding:0in 3.5pt 0in 3.5pt' align="left" width="44"><font size=1>times</font></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">(**) TO CALCULATE THE DATE PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS.</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;' align="right"><font face="Times New Roman, Times, serif"><b><font SIZE=2>FINANCIAL
    STATEMENT NOTES <br>
    <br>
    </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;' align="right"><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">s35.- Stockholders&#146; Equity:</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;' align="center"><font size="2" face="Times New Roman, Times, serif">Effects
    of inflation &#150; The effects of inflation on stockholders&#146; equity
    at December 31, 2004 are as follows: <br>
    <br>
    </font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="591" style='border-collapse:collapse'>
      <tr >
        <td width="269" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size="2">&nbsp;</font></p>
        </td>
        <td width="107" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size="2">Historical</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size="2">Cost</font></p>
        </td>
        <td width="107" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size="2">Restated</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size="2">Amount</font></p>
        </td>
        <td width="107" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size="2">&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size="2">Total</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="269" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">Capital
            stock</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">Ps.
            1,948,155</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">Ps.
            1,329,186</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">Ps.
            3,277,341</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="269" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">Additional
            paid-in capital</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">549,517</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">106,305</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">655,822</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="269" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">Contributions
            for future Capital increases</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">216,699</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">0</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">216,699</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="269" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">Retained
            earnings</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">2,481,536</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">557,173</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">3,038,709</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="269" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">Excess
            resulting from restating</font></p>
          <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">Stockholders&#146;
            equity to reflect</font></p>
          <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">Certain
            effects of inflation</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <p style='margin-left:0pt;text-indent:73.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">-</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">164,930</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">164,930</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="269" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">Effect
            deferred income tax </font></p>
          <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size="2">Bulletin
            D-4</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">(662,340)</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">(208,635)</font></p>
        </td>
        <td width="107" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">(870,975)</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">s39.- Premium in subscription of Capital Stock made in March 29, 2001.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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. 1,505,769 at December 31, 2004 compared to Ps. 1,099,540 at December 31, 2003. The effect on Simec&#146;s consolidated statement of income in 2004 was an increase of Ps. 386,472 in the provision for income tax and employee profit sharing compared to an increase of Ps. 119,151 in 2003. These provisions do not affect the cash flow of Simec.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">r24.- Simec doesn&#146;t have interest paid in UDI&#146;s</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">r26.-
    Simec doesn&#146;t have interest earned in UDI&#146;s <br>
    <br>
    c02.- Consolidated Statements of Changes in Financial
    Position</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;' align="center"><font size="2" face="Times New Roman, Times, serif">The
    net loss in money exchange and net profit in liabilities actualization are
    as follows: <br>
    <br>
    </font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="581" style='border-collapse:collapse'>
      <tr >
        <td width="307" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="137" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <font size=2>December 31, 2004</font></td>
        <td width="137" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <font size=2>December 31, 2003</font></td>
      </tr>
      <tr >
        <td width="307" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net
            loss (profit) in money exchange</font></p>
        </td>
        <td width="137" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <font size=2>Ps. (325)</font></td>
        <td width="137" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <font size=2>Ps. 5,814&nbsp;&nbsp;</font></td>
      </tr>
      <tr >
        <td width="307" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net
            loss (profit) in liabilities actualization</font></p>
        </td>
        <td width="137" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <font size=2>(1,166)</font></td>
        <td width="137" valign=top style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <font size=2>(14,413)</font></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS</font></b><font size=2> <br>
    <br>
    </font></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>DIRECTOR REPORT </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 1</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><br>
    <b><font SIZE=2>INFORMATION CONCERNING LIQUIDITY AND CAPITAL RESOURCES AND
    DEBT <br>
    OBLIGATIONS WITH BANKS AND COMMERCIAL CREDITORS</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>Liquidity and Capital Resources</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">At December 31, 2004, Simec&#146;s total consolidated debt consisted of $302,000 of 8 7/8% MTN&#146;s due 1998 (accrued interest at December 31, 2004 was $282,121) which were issued in 1993 as part of a $68 million issuance. At December 31, 2003, Simec had outstanding approximately $2 million of U.S. dollar-denominated debt. In March 2004, Simec prepaid $1.7 million of the remainder of its outstanding bank debt. At December 31, 2004 Simec owed no debt to its parent company, Industrias CH, S.A. de C.V. (&#147;ICH&#148;).</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec&#146;s bank debt repayment in March 2004 resulted in the payment in full of its outstanding bank debt. This payment permitted to Simec to cancel the industrial mortgage securing the bank debt and Simec is no longer required to comply with various affirmative and negative covenants.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">On September 10, 2004 Simec completed the acquisition of the property, plant and equipment and the inventories, and assumed liabilities associated with seniority premiums of employees, of the Mexican steel-making facilities of Industr&#237;as Ferricas del Norte, S.A. (Corporaci&#243;n Sidenor of Spain) located in Apizaco, Tlaxcala and Cholula, Puebla. Simec&#146;s total investment in this transaction was approximately U.S. $135 million, funded with internally generated resources of Simec and capital contributions from ICH of U.S. $19 million for capital stock to be issued in the future. On July 12, 2004 the shareholders of Simec approved this transaction at an extraordinary shareholders meeting. Simec began to operate the plants in Apizaco, Tlaxcala and Cholula, Puebla on August 1, 2004, and, as a result, the operation of both plants is reflected in Simec&#146;s financial results as of such da


te.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">In December 2003 Simec acquired Administradora de Cartera de Occidente, S.A. de C.V. (&#147;Acosa&#148;) from ICH for nominal consideration. Acosa&#146;s sole assets are a portfolio of defaulted receivables it acquired in June 2003 from various Mexican banks which are in the process of liquidation. The purchase price of the portfolio is payable by Acosa solely from recoveries if any, net of expenses of collection, with respect to the defaulted receivables; upon payment of the purchase price from recoveries on the portfolio, Acosa and the Mexican banks will share in any additional recoveries, net of expenses of collection, on a 50%/50% basis.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">In
    November 2003, ICH converted into common shares of Simec the capital contribution
    to Simec made in May 2003, in the amount of $14.5 million (the proceeds of
    which were used to retire debt owed to ICH) for capital stock issued in the
    fourth quarter of 2003, at a conversion price equivalent to U.S $1.41 (Ps.
    14.588) per American Depositary Share. In May 2004, certain minority shareholders
    of Simec exercised their pre-emptive rights arising as a result of this conversion
    by ICH to purchase capital stock for Ps.23.7 million at the price per share
    of Ps. 14.588 (the equivalent of U.S. $1.25 per American Depositary Share).
    <br>
    <br>
    Net resources provided by operations were Ps. 950 million in 2004 versus Ps.
    409 million of net resources provided by operations in 2003 (which amount
    for 2003 reflects the conversion of loans into common shares of Simec for
    Ps. 194 million). Net resources provided by financing activities were Ps.
    220 million in 2004 (which</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><font size=2>&nbsp;</font></font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;' align="center"><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN
    STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif"><br>
    </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>DIRECTOR
    REPORT </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 1</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">amount reflects prepayment of bank debt and capital contribution from ICH to Simec in the amount of Ps. 217 million ($19 million) for capital stock to be issued in the future) versus Ps. 24 million of net resources provided by financing activities in 2003 (which amount reflects the prepayment of Ps. 355 million ($31.4 million) of bank debt, the conversion by ICH of Ps. 194 million of loans (plus accrued interest thereon) into common shares and a capital contribution from ICH to Simec in the amount of Ps. 163 million ($14.5 million) for capital stock to be issued in the fourth quarter of 2003). Net resources used in investing activities (to acquire property, plant and equipment and other non-current assets) were Ps. 1,206 million in 2004 (which amount reflects the acquisition of the Apizaco and Cholula facilities) versus net resources used in investing activities of Ps. 10 million in 2003.
</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MANAGEMENT&#180;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>AND RESULTS OF OPERATIONS</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>Year Ended December 31, 2004 compared to Year Ended December 31, 2003</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Net Sales</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Net sales of Simec increased 85% to Ps. 5,693 million in 2004 (including the net sales generated since August 1, 2004 by the newly acquired plants in Apizaco and Cholula of Ps. 1,204 million), compared to Ps. 2,930 million in 2003. Sales in tons of basic steel products increased 23% to 773,297 tons in 2004 (including 155,614 tons produced by the newly acquired plants in Apizaco and Cholula) compared to 628,243 tons in 2003. Exports of basic steel products increased 20% to 97,126 tons in 2004 (including 12,394 tons produced by the newly acquired plants in Apizaco and Cholula) versus 80,744 tons in 2003. Additionally, Simec sold 41,832 tons of billet in 2004, compared to 63,616 tons of billet in 2003. The average price of steel products increased 63% in real terms in 2004 versus 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Direct Cost of Sales</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec&#146;s
    direct cost of sales increased 70% to Ps. 3,266 million in 2004 (including
    Ps. 797 million relating to the newly acquired plants in Apizaco and Cholula)
    compared to Ps. 1,925 million in 2003. Direct cost of sales as a percentage
    of net sales was 57% in 2004 compared to 66% in 2003. The average cost of
    raw materials used to produce steel products increased
    44% in real terms in 2004 versus 2003, primarily as a result of increases
    in the price of scrap and certain other raw materials.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Marginal Profit</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec&#146;s marginal profit increased 141% to Ps. 2,427 million in 2004 (including Ps. 407 million relating to the newly acquired plants in Apizaco and Cholula) compared to Ps. 1,005 million in 2003. As a percentage of net sales, marginal profit was 43% in 2004 compared to 34% in 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Indirect Manufacturing, Selling, General And Administrative Expenses</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Indirect
    manufacturing, selling, general, and administrative expenses (which include
    depreciation and amortization) increased 27% to Ps. 622 million in 2004 (including
    Ps. 128 million relating to the newly acquired plants in Apizaco and Cholula)
    from Ps. 488 million in 2003; Simec recorded an increase of Ps. 31 million
    in</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><page>
  </font>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif"><br>
    </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>DIRECTOR
    REPORT </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 1</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">depreciation and amortization expense, which in 2004 was Ps. 223 million (including Ps. 25 million relating to the newly acquired plants in Apizaco and Cholula) compared to Ps. 192 million in 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Operating Income</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec&#146;s operating income increased 249% to Ps. 1,805 million in 2004 (including Ps. 279 million relating to the newly acquired plants in Apizaco and Cholula) compared to Ps. 517 million in 2003. Operating income was 32% of net sales in 2004 and 18% of net sales in 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Financial Income (Expense)</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec recorded financial expense of Ps. 39 million in 2004 compared to financial expense of Ps. 26 million in 2003. Simec recorded an exchange gain of approximately Ps. 3 million in 2004 compared to an exchange loss of Ps. 3 million in 2003, reflecting a 0.3% decrease in the value of the peso versus the dollar in 2004 compared to a</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">9%
    decrease in the value of the peso versus the dollar in 2003 and lower debt
    levels in 2004. Net interest income was Ps. 6 million in 2004 versus net interest
    expense of Ps. 13 million in 2003. Simec recorded a loss from monetary position
    of Ps. 48 million in 2004 compared to a loss from monetary position of Ps.
    10 million in 2003, reflecting the domestic inflation rate of 5.2% in 2004
    as compared to 4% in 2003 and lower debt levels during 2004.</font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Other Income (Expense), Net</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec recorded other expense, net, of Ps. 18 million in 2004 (reflecting (i) income from the recovery of an account recorded as a doubtful account of Ps. 14 million (ii) a reserve of Ps. 6 million relating to the clean-up of contaminated land at the Pacific Steel facilities, (iii) a reserve of Ps. 13 million relating to the realizable value of idle machinery and equipment, (iv) a reserve for doubtful account of Ps. 10 million and (iv) other expense related to financial operations of Ps. 3 million) compared to other expense, net, of Ps. 31 million in 2003 (reflecting (i) a reserve of Ps. 11 million relating to the clean-up of contaminated land at the Pacific Steel facilities, (ii) a reserve of Ps. 19 million relating to the realizable value of idle machinery and equipment and (iii) other expense related to other financials operations of Ps. 1 million).</font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Income Tax and Employee Profit Sharing</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Simec recorded a provision of Ps. 418 million for income tax and employee profit sharing in 2004 (including a provision of Ps. 386 million from the application of Bulletin D-4 with respect to deferred income tax described below) compared to a provision of Ps. 152 million in 2003 (including a provision of Ps. 119 million from the application of Bulletin D-4 with respect to deferred income tax described below).</font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Net Income</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">As a result of the foregoing, Simec recorded net income of Ps. 1,330 million in 2004 compared to net income of Ps. 308 million in 2003.</font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><i><b><font size=2>Pronouncements Applicable to Mexican GAAP</font></b></i></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><page>
  </font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif"><br>
    </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>DIRECTOR
    REPORT </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 1</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">employee profit sharing that result from enterprise activities during the current and preceding years. Simec&#146;s long-term liability resulting from the adoption of this Bulletin was Ps. 1,506 million at December 31, 2004 compared to Ps. 1,100 million at December 31, 2003. The effect on Simec&#146;s consolidated statement of income in 2004 was an increase of Ps. 386 million in the provision for income tax and employee profit sharing compared to an increase in the provision of Ps. 119 million in 2003. These provisions do not affect the cash flow of Simec.</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif"><br>
    </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>FINANCIAL
    STATEMENT NOTES </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 2</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>(1) Operations preparation bases and summary of significant accounting policies:</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Significant accounting policies and practices followed by the Companies which affect the principal captions of the financial statements are described below:</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>a. Financial statement presentation - </font></b><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>b. Principles of Consolidation</font></b><font face="Times New Roman, Times, serif"><b><font size=2> - </font></b><font size=2></font></font><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">The main subsidiaries of CSG are the following:</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&deg; Compa&#241;&#237;a Sider&#250;rgica de California, S.A. de C.V.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&deg; Industrias del Acero y del Alambre, S.A. de C.V.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&deg; Pacific Steel Inc.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">All significant intercompany balances and transactions have been eliminated in consolidation.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>c. Cash and cash equivalents - </font></b><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>d. Inventories - </font></b><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Billet finished goods and work in process - At the latest production cost for the month.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Raw
    materials - According to purchase prices prevailing in the market at the balance
    sheet date.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Materials, supplies and rollers &#150; At historical cost, restated by applying the steel industry inflation index.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>e.
    Derivative financial instruments</font></b><font face="Times New Roman, Times, serif"><b><font size=2> - </font></b><font size=2></font></font><font size=2>The Company is
    using derivative financial instruments for hedging risks associated with natural
    gas prices and conducted studies on historical consumption, future requirements
    and</font></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><page>
  </font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:3pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;
    </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>FINANCIAL
    STATEMENT NOTES </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 2</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">commitments; thus it avoided exposure to risks other than the normal operating risks. Management of the Company examines its financial risks by continually analyzing price, credit and liquidity risks.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">The Company uses futures contracts for hedging risks from fluctuations in natural gas prices, which are based on demand and supply at the principal international markets.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">As applicable, the Company recognized the fair value of instruments either as liabilities or assets. Such fair value and thus, the value of these assets or liabilities were restated at each month&#146;s-end. The Company opted for the early adoption of Bulletin C-10 &#147;Derivative Financial Instruments and Hedging&#148; therefore, at December 31, 2003 the fair value of natural gas in force during 2004, 2005 and 2006 and which effective portions will not be offset against the asset risks until consumed, were recognized within the comprehensive income account in stockholders&#146; equity.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>f. Property, plant and equipment - </font></b><font size=2>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 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 Dece


mber 31, 2004 are as follows:</font></font></p>
  <div align="center"><font face="Times New Roman, Times, serif"><br>
    </font>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr valign="bottom">
        <td>&nbsp;</td>
        <td>&nbsp;&nbsp;</td>
        <td align="center"><font size=2>Years</font></td>
      </tr>
      <tr valign="bottom">
        <td><font size=2>Buildings</font></td>
        <td>&nbsp;</td>
        <td align="center"><font size=2>15 to 50</font></td>
      </tr>
      <tr valign="bottom">
        <td><font size=2>Machinery and equipment</font></td>
        <td>&nbsp;</td>
        <td align="center"><font size=2>10 to 40</font></td>
      </tr>
    </table>
    <font face="Times New Roman, Times, serif"><br>
  </font></div>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>g. Other assets - </font></b><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>h. Seniority premiums and severance payments</font></b><font face="Times New Roman, Times, serif"><b><font size=2> - </font></b><font size=2></font></font><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>i. Pension plan - </font></b><font size=2>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></font></p>
  <font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><page>
  </font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;
    </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>FINANCIAL
    STATEMENT NOTES </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 2</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">The Company does not have any contractual obligation regarding the payment of pensions of retirements.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>j. Cost of sales - </font></b><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>k. Income tax and employee profit sharing </font></b><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.</font></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">The Company and its subsidiaries are included in the consolidated tax returns of the company&#146;s parent.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>l.
    Foreign currency transactions and exchange differences &#150; </font></b><font size=2>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></font><font size="2" face="Times New Roman, Times, serif">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></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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: <br>
    </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="700" style='border-collapse:collapse'>
    <tr align="left" >
      <td width="48" valign=top style='padding:8.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p>
      </td>
      <td width="351" valign=top style='padding:8.0pt 0in 0in 0in' colspan="4">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Monetary
          items at the exchange rate at the balance sheet date.</font></p>
      </td>
    </tr>
    <tr align="left" >
      <td width="48" valign=top style='padding:8.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p>
      </td>
      <td  colspan="4" valign=top style='padding:8.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Non-monetary
          items and stockholders&#146; equity at the exchange rate prevailing
          at the date the transactions occurred.</font></p>
      </td>
    </tr>
    <tr align="left" >
      <td width="48" valign=top style='padding:8.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p>
      </td>
      <td  colspan="4" valign=top style='padding:8.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income
          and expense items at an appropriate average exchange rate.</font></p>
      </td>
    </tr>
    <tr align="left" >
      <td width="48" valign=top style='padding:8.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p>
      </td>
      <td  colspan="4" valign=top style='padding:8.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The
          resulting foreign currency translation differences are included in the
          financial income (expense) in the statement of income (loss).</font></p>
      </td>
    </tr>
    <tr align="left" >
      <td width="48" valign=top style='padding:8.0pt 0in 0in 0in'><font size=2>-</font></td>
      <td  colspan="4" valign=top style='padding:8.0pt 0in 0in 0in'><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>
    <tr>
      <td width="48" ></td>
      <td width="351" ></td>
      <td width="28" ></td>
      <td width="251" ></td>
      <td width="107" ></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>m. Geographic concentration of credit risk - </font></b><font size=2>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 December 31, 2004 and 2003. 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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>n. Other income (expenses) - </font></b><font size=2>Other income (expenses) shown in the consolidated statements of operations primarily includes other financial operations.</font></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><page>
  </font>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:3pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;
    </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>FINANCIAL
    STATEMENT NOTES </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 2</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>o.
    Gain on monetary position - </font></b><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>p. Restatement of capital stock and retained earnings (losses)</font></b><font face="Times New Roman, Times, serif"><b><font size=2> - </font></b><font size=2></font></font><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>q. Effect of restatement of stockholders&#146; equity</font></b><font face="Times New Roman, Times, serif"><b><font size=2> - </font></b><font size=2></font></font><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif"><b>(2)
    Financial Debt:</b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">At December 31, 2004, Simec&#146;s total consolidated debt consisted of $302,000 of 8 7/8% MTN&#146;s due 1998 (accrued interest at December 31, 2004 was $282,121) which were issued in 1993 as part of a $68 million issuance. At December 31, 2003, Simec had outstanding approximately $2 million of U.S. dollar-denominated debt. In March 2004, Simec prepaid $1.7 million of the remainder of its outstanding bank debt. At December 31, 2004 Simec owed no debt to its parent company, Industrias CH, S.A. de C.V. (&#147;ICH&#148;).</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif"><b>(3)
    Commitments and contingent liabilities:</b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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. 18,925 (U.S. $1,680,048) at December 31, 2004, (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></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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. 1,207 per month.</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>
  </font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:3pt;text-align:left;'>&nbsp;</p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>RELATIONS
    OF SHARES INVESTMENTS </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 3</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="660" style='margin-left:10.6pt;border-collapse:collapse'>
      <tr >
        <td width="225" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>COMPANY
            NAME</font></p>
        </td>
        <td width="84" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>MAIN
            ACTIVITIES</font></p>
        </td>
        <td width="90" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>NUMBER
            OF</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>SHARES</font></p>
        </td>
        <td width="87" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>OWNERSHIP</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>TOTAL
            AMOUNT</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Thousands
            of Pesos)</font></p>
        </td>
      </tr>
      <tr >
        <td width="225" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>SUBSIDIARIES</font></p>
        </td>
        <td width="84" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="90" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="87" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="95" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>ACQUISITION</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>COST</font></p>
        </td>
        <td width="78" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>PRESENT</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>VALUE</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="225" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1
            CIA SIDERURGICA DE</font></p>
          <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>GUADALAJARA</font></p>
        </td>
        <td width="84" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>MINI-MILL</font></p>
        </td>
        <td width="90" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>474,393,215</font></p>
        </td>
        <td width="87" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>99.99</font></p>
        </td>
        <td width="95" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>38,359</font></p>
        </td>
        <td width="78" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,423,971</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="225" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2
            ADMINISTRADORA DE CARTERA DE</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>OCCIDENTE</font></p>
        </td>
        <td width="84" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="90" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>49,999</font></p>
        </td>
        <td width="87" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>99.99</font></p>
        </td>
        <td width="95" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>50</font></p>
        </td>
        <td width="78" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(25,028)</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="225" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>TOTAL
            INVESTMENT IN SUBSIDIARIES</font></b></p>
        </td>
        <td width="84" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="90" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="87" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="95" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>38,409</font></b></p>
        </td>
        <td width="78" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>4,398,943</font></b></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="225" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>ASSOCIATEDS</font></b></p>
        </td>
        <td width="84" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="90" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p>
        </td>
        <td width="87" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.00</font></p>
        </td>
        <td width="95" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>0</font></b></p>
        </td>
        <td width="78" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="225" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>TOTAL
            INVESTMENT IN ASSOCIATEDS</font></b></p>
        </td>
        <td width="84" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="90" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="87" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="95" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>0</font></b></p>
        </td>
        <td width="78" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="225" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>OTHER
            PERMANENT INVESTMENTS</font></b></p>
        </td>
        <td width="84" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="90" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="87" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="95" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="78" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="225" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=2>TOTAL</font></b></p>
        </td>
        <td width="84" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="90" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="87" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="95" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="78" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>4,398,943</font></b></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>NOTES</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">ANNEX
    05 <br>
    CREDITS BREAK DOWN <br>
    </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">(THOUSANDS
    OF PESOS)</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%">&nbsp;</td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table border="0" cellspacing=0 cellpadding=0 style='margin-left:4.65pt;border-collapse:collapse' width="700">
    <tr style='height:13.5pt' align="center">
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Credit</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Type
          / <br>
          Institution </font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Amortization</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Date</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Rate
          of</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest</font></p>
      </td>
      <td colspan="2" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:13.5pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Denominated
          In</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Pesos</font></p>
      </td>
      <td colspan="6" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Amortization
          of Credits in Foreign Currency With National Entities <br>
          (Thousands of Pesos)</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' colspan="6" align="center">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>Time
          Interval</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          1 Year</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>More
          Than</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>1
          Year</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Current</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Year</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          1</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Year</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          2</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Years</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          3</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Years</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          4</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Years</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          5</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Years
          or <br>
          More </font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'><TD></TD> </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>BANKS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>WITH
          WARRANTY</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
          BANKS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>LISTED
          IN THE MEXICAN</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>STOCK
          EXCHANGE</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>UNSECURED
          DEBT</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MEDIUM
          TERM NOTES</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>12/15/1998</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>9.33</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
          STOCK EXCHANGE</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>SUPPLIERS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>VARIOUS</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>405,468</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>271,737</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
          SUPPLIERS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>405,468</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>271,737</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OTHER
          CURRENT LIABILITIES</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AND
          OTHER CREDITS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>VARIOUS</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>127,731</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OTHER
          CURRENT LIABILITIES</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>127,731</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AND
          OTHER CREDITS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
          </font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>533,199</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>271,737</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table border="0" cellspacing=0 cellpadding=0 style='margin-left:4.65pt;border-collapse:collapse' width="700">
    <tr style='height:13.5pt' align="center">
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Credit</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Type
          / <br>
          Institution </font></p>
      </td>
      <td colspan="6" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Amortization
          of Credits in Foreign Currency With Foreing Entities <br>
          (Thousands of Pesos)</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' colspan="6" align="center">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Time
          Interval</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Current</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Year</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          1</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Year</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          2</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Years</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          3</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Years</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          4</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Years</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt' rowspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Until
          5</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Years
          or <br>
          More </font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'><TD></TD> </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>BANKS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>WITH
          WARRANTY</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>&nbsp;</td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>TOTAL
          BANKS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>LISTED
          IN THE MEXICAN</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>STOCK
          EXCHANGE</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>UNSECURED
          DEBT</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>MEDIUM
          TERM NOTES</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,402</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>TOTAL
          STOCK EXCHANGE</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,402</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>SUPPLIERS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>VARIOUS</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>54,725</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>TOTAL
          SUPPLIERS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>54,725</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>OTHER
          CURRENT LIABILITIES</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>AND
          OTHER CREDITS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>VARIOUS</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>43,161</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.75pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>OTHER
          CURRENT LIABILITIES</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>43,161</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>AND
          OTHER CREDITS</font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt' height="17">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:13.5pt'>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>TOTAL
          </font></b></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,402</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>97,886</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
      <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
      </td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><b><font size=1>NOTES:</font></b> <br>
  <br>
  <font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.- The exchange rate of the peso
  to the U.S. Dollar at December 31, 2004 was Ps. 11.2648</font></font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MONETARY POSITION IN FOREIGN EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>(Thousands of Pesos) </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 6</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="674" style='border-collapse:collapse'>
      <tr valign="bottom" >
        <td width="203" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td  colspan="2" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>DOLLARS</font></b></p>
        </td>
        <td  colspan="2" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>OTHER
            CURRENCIES</font></b></p>
        </td>
        <td width="94" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL</font></b></p>
        </td>
      </tr>
      <tr valign="bottom" >
        <td width="203" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TRADE
            BALANCE</font></b></p>
        </td>
        <td width="94" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>THOUSANDS
            <br>
            OF DOLLARS</font></b></p>
        </td>
        <td width="94" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>THOUSANDS
            <br>
            OF PESOS</font></b></p>
        </td>
        <td width="94" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>THOUSANDS
            <br>
            OF DOLLARS</font></b></p>
        </td>
        <td width="94" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>THOUSANDS
            <br>
            OF PESOS</font></b></p>
        </td>
        <td width="94" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>THOUSANDS
            <br>
            OF PESOS</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="203" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FOREING
            MONETARY POSITION</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="203" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="203" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
            ASSETS</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>68,091</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>767,017</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>767,017</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="203" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="203" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>LIABILITIES
            POSITION</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>32,809</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>369,600</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>304</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,425</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>373,025</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="203" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>SHORT
            TERM LIABILITIES POSITION</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>32,809</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>369,600</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>304</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,425</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>373,025</font></p>
        </td>
      </tr>
      <tr >
        <td width="203" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>LONG
            TERM LIABILITIES POSITION</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="203" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="203" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NET
            BALANCE</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>35,282</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>397,417</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(304)</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(3,425)</font></b></p>
        </td>
        <td width="94" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>393,992</font></b></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>NOTES</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">THE EXCHANGE RATE OF THE PESO TO THE U.S. DOLLAR AT DECEMBER 31, 2004 WAS PS. 11.2648</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC / ICS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;' align="center"><font face="Times New Roman, Times, serif"><br>
    <b><font SIZE=2>INTEGRATION AND INCOME </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font face="Times New Roman, Times, serif"><b><font SIZE=2>CALCULATION
    BY MONETARY POSITION </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font face="Times New Roman, Times, serif"><b><font size=2>(Thousands
    of Pesos)</font></b></font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 7</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;' align="center">&nbsp;</p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="674" style='border-collapse:collapse'>
      <tr align="center" valign="bottom" >
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MONTH</font></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MONETARY</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>ASSETS</font></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MONETARY</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>LIABILITIES</font></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(ASSET)
            <br>
            LIABILITIES <br>
            MONETARY <br>
            POSITION</font></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MONTHLY
            <br>
            INFLATION</font></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MONTHLY
            PROFIT <br>
            AND (LOSS)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>JANUARY</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,668,488</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,021,189</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(647,299)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.62</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(4,023)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FEBRUARY</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,181,183</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>468,147</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(713,036)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.60</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(4,265)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MARCH</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,400,780</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>596,467</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(804,313)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.34</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(2,725)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>APRIL</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,411,536</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>542,155</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(869,381)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.15</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,312)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MAY</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,528,433</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>552,485</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(975,948)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(0.25)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,448</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>JUNE</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,748,525</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>551,719</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,196,806)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.16</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,918)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>JULY</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,890,011</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>488,639</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,401,372)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.26</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(3,673)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>AUGUST</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,097,374</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>484,552</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,612,822)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.62</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(9,956)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>SEPTEMBER</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,413,141</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>814,566</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(598,575)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.83</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(4,949)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OCTOBER</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,468,531</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>640,756</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(827,775)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.69</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(5,733)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NOVEMBER</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,673,344</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>697,878</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(975,466)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.85</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(8,321)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>DECEMBER</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,687,983</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>674,451</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,013,532)</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.21</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(2,094)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>ACTUALIZATION</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(783)</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>CAPITALIZATION</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FOREIGN
            CORPOPATION</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>TOTAL</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(47,304)</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS</font></b><font size=2>&nbsp;</font></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>BONDS AND MEDIUM TERM NOTES LISTING IN STOCK MARKET</font></b></font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 8</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR TITLE</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEDIUM TERM NOTES</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">A) Current assets to current liabilities must be 1.0 times or more.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">B) Total liabilities to total assets do not be more than 0.60.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">C) Operating income plus items added to income which do not require using cash must be 2.0 times or more.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">This
    notes was offered in the international market.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:12pt; text-indent:2.5in;text-align:center;' align="center"><font face="Times New Roman, Times, serif"><b><font SIZE=2>ACTUAL
    SITUATION OF FINANCIAL LIMITED</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">MEDIUM TERM NOTES</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">A) Accomplished the actual situation is 3.07 times.</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">B) Accomplished the actual situation is 0.28</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">C) Accomplished the actual situation is 124.91</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">As of December 31, 2004, the remaining balance of the MTNs not exchanged amounts to Ps. 3,402 ($302,000 dollars).</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">C.P. Jos&#233; Flores Flores</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.5in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">Chief
    Corporate Financial Planning Officer</font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt; text-indent:2.5in;text-align:center;' align="center"><font face="Times New Roman, Times, serif"><b><font SIZE=2>BONDS
    AND/OR MEDIUM TERM NOTES CERTIFICATE</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS</font></b></font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 9</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="674" style='border-collapse:collapse'>
      <tr >
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>PLANT
            OR CENTER</font></b></p>
        </td>
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>ECONOMIC
            ACTIVITY</font></b></p>
        </td>
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>PLANT
            CAPACITY</font></b></p>
        </td>
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>UTILIZATION
            (%)</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=1>GUADALAJARA
            MINI MILL</font></td>
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=1>PRODUCTION
            AND SALES OF <br>
            STEEL PRODUCTS</font></td>
        <td width="169" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font> <font size=1>480</font></td>
        <td width="169" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font><font size=1>87</font></td>
      </tr>
      <tr >
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=1>MEXICALI
            MINI MILL</font></td>
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=1>PRODUCTION
            AND SALES OF <br>
            STEEL PRODUCTS</font></td>
        <td width="169" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font><font size=1>250</font></td>
        <td width="169" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font><font size=1>75</font></td>
      </tr>
      <tr >
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=1>INDUSTRIAS
            DEL ACERO Y DEL ALAMBRE</font></td>
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <font size=1>&nbsp;</font><font SIZE=1>SALE
            OF STEEL PRODUCTS</font></td>
        <td width="169" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=1>0</font></td>
        <td width="169" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=1>0</font></td>
      </tr>
      <tr >
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=1>APIZACO
            AND CHOLULA PLANTS</font></td>
        <td width="169" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=1>PRODUCTION
            AND SALES OF <br>
            STEEL PRODUCTS</font></td>
        <td width="169" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font><font size=1>460</font></td>
        <td width="169" valign=bottom style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font><font size=1>84</font></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MAIN RAW MATERIALS</font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 10</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="674" style='border-collapse:collapse'>
      <tr valign="bottom" >
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>DOMESTIC</font></b></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>MAIN
            SUPPLIERS</font></b></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FOREIGN</font></b></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>MAIN
            SUPPLIERS</font></b></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>DOMESTIC
            SUBSTITUTION</font></b></p>
        </td>
        <td width="112" style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>COST
            <br>
            PRODUCTION (%)</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>SCRAP</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>VARIOUS</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>SCRAP</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>VARIOUS</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>YES</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>52.10</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>ELECTRICITY</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>C.F.E</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NO</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>9.31</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FERROALLOYS</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>MINERA
            AUTLAN</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FERROALLOYS</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>GFM
            TRADING</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>YES</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>7.00</font></p>
        </td>
      </tr>
      <tr >
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>ELECTRODES</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>UCAR
            CARBON MEXICANA</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>ELECTRODES</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>SGL
            CARBON GROUP</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>YES</font></p>
        </td>
        <td width="112" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>1.74</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>
  </font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>MEXICAN
    STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SELLS DISTRIBUTION BY PRODUCT </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 11</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;' align="center"><font face="Times New Roman, Times, serif"><b><font SIZE=2>DOMESTIC
    SELLS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="674" style='border-collapse:collapse'>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>MAIN
            PRODUCTS</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
            PRODUCTION</font></b></p>
        </td>
        <td  colspan="3" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NET
            SELLS</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>MAIN
            DESTINATION</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>VOLUME</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>VOLUME</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TRADEMARKS</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>COSTUMERS</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>STRUCTURAL
            PROFILES</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>185</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>744,404</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>168</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,210,876</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>COMMERCIAL
            PROFILES</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>87</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>373,131</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>83</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>612,195</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>REBAR</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>186</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>680,647</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>136</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>952,581</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FLAT
            BAR</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>78</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>358,333</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>72</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>536,177</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>STEEL
            BARS</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>220</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>941,299</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>208</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,558,735</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>OTHER</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,048</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>48,838</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>BILLET</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>42</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>107,321</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>42</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>167,407</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>T
            O T A L</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,208,183</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5,086,809</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr>
        <td width="165" ></td>
        <td width="85" ></td>
        <td width="85" ></td>
        <td width="85" ></td>
        <td width="85" ></td>
        <td width="1" ></td>
        <td width="84" ></td>
        <td width="85" ></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><page>
  </font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>MEXICAN
    STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SELLS DISTRIBUTION BY PRODUCT </font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 11</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>FOREIGN SELLS</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="674" style='border-collapse:collapse'>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>MAIN
            PRODUCTS</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL
            PRODUCTION</font></b></p>
        </td>
        <td  colspan="3" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NET
            SELLS</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>MAIN
            DESTINATION</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>VOLUME</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>VOLUME</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>AMOUNT</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TRADEMARKS</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>COSTUMERS</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>STRUCTURAL
            PROFILES</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>12</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>78,528</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>COMMERCIAL
            PROFILES</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>47,997</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>REBAR</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>56</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>354,096</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>STEEL
            BARS</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>20</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>115,160</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>FLAT
            BAR</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11,023</font></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr >
        <td width="165" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>T
            O T A L</font></b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>606,804</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="85" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
      </tr>
      <tr>
        <td width="165" ></td>
        <td width="85" ></td>
        <td width="85" ></td>
        <td width="85" ></td>
        <td width="85" ></td>
        <td width="1" ></td>
        <td width="84" ></td>
        <td width="85" ></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2><br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%">&nbsp;</td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>INTEGRATION OF THE PAID SOCIAL CAPITAL STOCK </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font face="Times New Roman, Times, serif"><b><font SIZE=2>CHARACTERISTICS
    OF THE SHARES </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;' align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="674" style='border-collapse:collapse'>
      <tr >
        <td width="52" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>SERIES</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NOMINAL</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>VALUE</font></b></p>
        </td>
        <td width="54" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>VALID</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CUPON</font></b></p>
        </td>
        <td  colspan="4" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>NUMBER
            OF SHARES</font></b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>CAPITAL
            STOCK</font></b></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(Thousands
            of Pesos)</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="52" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="57" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FIXED
            <br>
            PORTION</font></b></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>VARIABLE
            PORTION</font></b></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>MEXICAN</font></b></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FREE
            SUSCRIPTION</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>FIXED</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>VARIABLE</font></b></p>
        </td>
      </tr>
      <tr >
        <td width="52" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>B</font></p>
        </td>
        <td width="57" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15,283,350</font></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>118,259,634</font></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0</font></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>133,542,984
            </font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>222,963</font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,725,192</font></p>
        </td>
      </tr>
      <tr >
        <td width="52" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=1>TOTAL</font></b></p>
        </td>
        <td width="57" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td  colspan="2" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>15,283,350</font></b></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>118,259,634</font></b></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>0</font></b></p>
        </td>
        <td width="92" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>133,542,984</font></b></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>222,963</font></b><font size=2>
            </font></p>
        </td>
        <td width="70" valign=top style='padding:0in 3.5pt 0in 3.5pt'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,725,192</font></b></p>
        </td>
      </tr>
      <tr>
        <td width="52" ></td>
        <td width="57" ></td>
        <td width="2" ></td>
        <td width="54" ></td>
        <td width="92" ></td>
        <td width="92" ></td>
        <td width="92" ></td>
        <td width="92" ></td>
        <td width="70" ></td>
        <td width="70" ></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>TOTAL
    NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE OF SENDING
    THE INFORMATION : <br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font SIZE=2>133,542,984</font><b><font SIZE=2>
    </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; text-indent:1in;text-align:left;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SHARES
    PROPORTION BY : <br>
    <br>
    </font></b></font></p>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="bottom">
      <td><b><font size="2">CPO&#146;S :</font></b></td>
      <td><font size="2">0</font></td>
    </tr>
    <tr align="left" valign="bottom">
      <td><b><font size="2">ADRS&#146;s :</font></b></td>
      <td><font size="2">3,043,117 ADR&#146;S OF 1 SHARE EACH ONE.</font></td>
    </tr>
    <tr align="left" valign="bottom">
      <td><b><font size="2">UNITS :</font></b></td>
      <td><font size="2">0</font></td>
    </tr>
    <tr align="left" valign="bottom">
      <td><b><font size="2">GDRS&#146;s :</font></b></td>
      <td><font size="2">0</font></td>
    </tr>
    <tr align="left" valign="bottom">
      <td><b><font size="2">ADS&#146;s :</font></b></td>
      <td><font size="2">0</font></td>
    </tr>
    <tr align="left" valign="bottom">
      <td><b><font size="2">GDS&#146;s :</font></b></td>
      <td><font size="2">0</font></td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="2%">&nbsp;</td>
      <td colspan="7" align="center"><b><font size=2>REPURCHASED OWN SHARES</font></b></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="13%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="21%">&nbsp;</td>
      <td width="11%">&nbsp;</td>
      <td width="23%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="26%">&nbsp;</td>
    </tr>
    <tr>
      <td rowspan="2" width="2%">&nbsp;&nbsp;</td>
      <td rowspan="2" align="center" width="13%"><b><font size=2>SERIES</font></b></td>
      <td rowspan="2" align="center" width="2%">&nbsp;&nbsp;</td>
      <td rowspan="2" align="center" width="21%"><b><font size=2>NUMBER <br>
        OF SHARES</font></b></td>
      <td rowspan="2" align="center" width="11%">&nbsp;&nbsp;</td>
      <td colspan="3" align="center"><b><font size=2>MARKET VALUE OF THE SHARE</font></b></td>
    </tr>
    <tr>
      <td align="center" width="23%"><b><font size=2>AT REPURCHASE</font></b></td>
      <td align="center" width="2%">&nbsp;&nbsp;</td>
      <td align="center" width="26%"><b><font size=2>AT QUARTER</font></b></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>NOTES</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>CONSTRUCTION IN PROGRESS </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>(Project, Total Investment and % of Advance) </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 13</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;' align="center"><font size="2" face="Times New Roman, Times, serif">THE
    PROYECTS IN PROGRESS AT DECEMBER 31, 2004, ARE: <br>
    <br>
    </font></p>
  <div align="center">
    <table border="0" cellspacing=0 cellpadding=0 width="674" style='border-collapse:collapse'>
      <tr valign="bottom" >
        <td width="231" style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=2>PROYECTS
            IN PROGRESS</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font SIZE=2>TOTAL
            INVESTMENT</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font SIZE=2>PHISICAL
            ADVANCE</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font SIZE=2>FINISHED
            AT</font></td>
      </tr>
      <tr valign="bottom" >
        <td width="231" style='padding:0in 3.5pt 0in 3.5pt'>
          <font size=1>&nbsp;</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt'>
          <font size=1>&nbsp;</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt'>
          <font size=1>&nbsp;</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt'>
          <font size=1>&nbsp;</font></td>
      </tr>
      <tr valign="bottom" >
        <td width="231" style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=2>EXCHANGE
            HEATER FOR FURNACE ROLLING MILL</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <font size=1>&nbsp;</font><font size=2>7,278</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font><font size=2>95%</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font><font SIZE=2>FEBRUARY
            2005</font></td>
      </tr>
      <tr valign="bottom" >
        <td width="231" style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=2>INCREASE
            PRODUCTIVITY IN DEMAG ROLLING MILL</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <font size=1>&nbsp;</font><font size=2>9,651</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font><font size=2>80%</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font><font SIZE=2>JULY
            2005</font></td>
      </tr>
      <tr valign="bottom" >
        <td width="231" style='padding:0in 3.5pt 0in 3.5pt'>
          <font SIZE=2>VARIOUS</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <font size=2>6,632</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font></td>
      </tr>
      <tr valign="bottom" >
        <td width="231" style='padding:0in 3.5pt 0in 3.5pt'>&nbsp;</td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <hr size="1" noshade align="right" width="50">
        </td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">&nbsp;</td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">&nbsp;</td>
      </tr>
      <tr valign="bottom" >
        <td width="231" style='padding:0in 3.5pt 0in 3.5pt'>
          <b><font SIZE=2>TOTAL
            INVESTMENT AT </font></b><b><font SIZE=2>DECEMBER
            31, 2004</font></b></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <br>
          <b><font size=2>23,561</font></b></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font></td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">
          <font size=1>&nbsp;</font></td>
      </tr>
      <tr valign="bottom" >
        <td width="231" style='padding:0in 3.5pt 0in 3.5pt'>&nbsp;</td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="right">
          <hr size="2" noshade align="right" width="50">
        </td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">&nbsp;</td>
        <td width="148" style='padding:0in 3.5pt 0in 3.5pt' align="center">&nbsp;</td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>FOREIGN CURRENCY TRANSACTION AND EXCHANGE DIFFERENCES</font></b></font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%"><b><font size=2>ANNEXX 14</font></b></td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>Foreign currency transactions and exchange differences &#150; </font></b><font size=2>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></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">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></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr valign="top">
      <td width="48" align="left">
        <font size="2">-</font></td>
      <td><font size="2">Monetary items at the exchange rate at the balance sheet
        date.</font></td>
    </tr>
    <tr valign="top">
      <td width="48" align="left">
        <font size="2">-</font></td>
      <td><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 valign="top">
      <td width="48" align="left">
        <font size="2">-</font></td>
      <td><font size="2">Income and expense items at an appropriate average exchange
        rate.</font></td>
    </tr>
    <tr valign="top">
      <td width="48" align="left">
        <font size="2">-</font></td>
      <td><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 valign="top">
      <td width="48" align="left"><font size="2">-</font></td>
      <td><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 style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'>&nbsp;</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <font face="Times New Roman, Times, serif"><pAGE>

</font>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>MEXICAN STOCK EXCHANGE </font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>SIFIC
    / ICS <br>
    <br>
    </font></b></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="432" valign=top style='padding:3.0pt 0in 0in 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>STOCK
          EXCHANGE CODE</font><b><font size=2>: SIMEC <br>
          </font></b><font size=2>GRUPO SIMEC, S.A. DE C.V. </font></p>
      </td>
      <td width="167" valign=top style='padding:3.0pt 0in 0in 0in' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTER:
          </font><b><font size=2>&nbsp;&nbsp;4 &nbsp;&nbsp;</font></b><font size=2>
          YEAR:</font><b><font size=2> &nbsp;&nbsp;2004</font></b></p>
      </td>
    </tr>
  </table>
  <font face="Times New Roman, Times, serif"><br>
  </font>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="40%">&nbsp;</td>
      <td width="13%"><font size=2>CONSOLIDATED</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font SIZE=2>DECLARATION OF THE COMPANY OFFICIALS RESPONSIBLE FOR THE INFORMATION CONTAINED IN THIS REPORT.</font></b></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;' align="center"><font size="2" face="Times New Roman, Times, serif">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. <br>
    <br>
    </font></p>
  <div align="center">
    <table border="0" cellspacing="0" cellpadding="0" width="600">
      <tr>
        <td>&nbsp;&nbsp;</td>
        <td align="center"><b><font size=2>ING LUIS GARCIA LIMON <br>
          CHIEF EXECUTIVE OFFICER </font></b></td>
        <td align="center">&nbsp;&nbsp;</td>
        <td align="center"><b><font size=2>C.P. JOSE FLORES FLORES <br>
          CHIEF CORPORATE FINANCIAL PLANNING OFFICER </font></b></td>
        <td>&nbsp;&nbsp;</td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td align="center">&nbsp;</td>
        <td align="center">&nbsp;</td>
        <td align="center">&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td colspan="3" align="center"><b><font size=2>GUADALAJARA, JAL, AT FEBRUARY
          22 OF 2005</font></b></td>
        <td>&nbsp;</td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></p>
</div>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>img1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img1.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#__@`<4V]F='=A<F4Z($UI8W)O<V]F="!/
M9F9I8V7_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+#!D2$P\4'1H?'AT:'!P@
M)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_VP!#`0D)"0P+#!@-#1@R
M(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C+_P``1"``C`&(#`2(``A$!`Q$!_\0`&P```@(#`0``````````
M``````<$!0,&"`'_Q``[$``!`P0`!`,#"08'```````!`@,$``4&$0<2(4$3
M,5$R88$4%R)25G&1D]$5)*&BP=(6,T-459*4_\0`&@$``04!````````````
M`````P`!`@0&!?_$`"X1``$#`@4"!`4%``````````$``@,$$1(A,4%1!9$B
M8<'1!A0C,J%3<8&"X?_=``0`*/_:``P#`0`"$0,1`#\`=&47=5AQ:YW5".=R
M+'4XA/JK73?NWJN1)^2WRYRER9EVF.NK5S$EY6O@`=`>X5V3.A,7*WR(,I'/
M'D-J:<3ZI(T:Y#S7$I>&Y&_;)',MKVX[Q&@ZV?(_?V/O%:WX8?!=['#Q^B!-
M?(J%$5D$\*,-5SDA'119+B^7[]5)^0Y;_M;W^6[4G!<RF85D#<Y@J<BKTB5'
MWT<1^H\P?U-=:6RYQ+Q;(]Q@O)>BR$!;:QW']#V(KH]5ZE)0/'T@6G0^FB@Q
M@=NM+X/V>Y6G"`JZID(E2WU/\D@GG2G02G8/4>SO7OK?Z5^:<9X.*WUZT1[8
MY.D,:#J_&#:$J(WRCH=Z!%5=PX\)MMQ9BO6`D%IEQXB3U1SH2H@#EZZ"M?"L
MU)TZNJWF<1_?F,QIW1@]K1:Z<E5]^N*[1CUQN3;7BKB1G'DM_6*4DZ_A4J)*
M8G0V9<9Q+C#S8<;6/)22-@TM+OQC@HRQG';3;4W0.O)C+?\`&Y4%:E<I`Z'F
M`WYU1I:66>2S&WPYG;)2<X`9K#`O[]KG6YVXY?<9,B>RDKCKMQ,9Q;J.9`:<
M2D!.MCN?([U5#C^5WZ58R\Q>;G+92F*);TE"4^!(5(;'(VK6U!2%*WOMKUJG
M>S[%,;R.0FTXU(F-17'&XZW[@OPV]DA1:;((0#UT?/7I49GB;8$1'8+.&+#,
MB,W$6A-R7M:4':#[/M@GHKS\JT[:&0BXA)O;7`-^+BV1]\D'$.5N5^OM\5=Y
M,5BY7A*1>I3*4VYL.NA"8Z%)2$=TA1V?<35O!D91D34U3U^<L\FSQ64.LI:1
MIR06@XM;NQ[&R!H:\C6KW7B!8,'N[%MAX](DSK<M3KCSTX[#[J!XG,H@E9`(
M3L^E4-ZXJV6_S?E<_$WO&4V&G2Q=%M!YL'?(X$I',.O>A-HII&MP0Y6R-FWU
MX)W'*?$!J4W;1GKDVRP)3UI?+K\=MQ9;]DJ4D$Z]VS15A9KA=I-CM[\>PQ([
M#D9M;;(D:\-)2"$ZY>PZ45PI&Q!Y\`']D07Y6S5J'$7"6<UQQ<9(2FX1]N1'
M3V5W23Z*\OP/:E'E'&S)D9#-CVER-&A,/+:;!9"U*"21S$G?GKM5-\]F<?\`
M(1__`"H_2NI2]"KXW-FC(!UU/LH.E:<BM"DQGH<IV-):4T^RLH<;6-%*@=$&
MFEP5S=VT7L8_,=W;IA4ILJ/^2Z!O8]QUHCUU[Z7=^OLW)+JY<[CX1E.`!:VF
M@CFUTV0._OK)88SY7,N*$*\*!'4ZMP>25*'(CKZ\RA^!K65<`J*4QS#,CL=K
M?R@--G7"R2'5Y1FKCJB=W&>3L]@M?]`:B7J9^T[].EH!*7GUJ0!]7?T1^&JD
MXV"U+ES^T*(Z[OT41R(_F6FKKA3:Q=>)%I;4D*;969"P1L:0"1_'52D>V!KG
M[,;_`+;\!("^2\C\2;[&P3_"L=SD9"E;DI)\0-'_`$QZ#>^OH=5#P0>#D:KB
M0.6VQ'YAW]9#9Y/YRFF5Q.Q2QX-ADO\`9K)^57><$E:]$MM`E?AI]$@@??WI
M;6;]RP?(IQZ*DJ8@-GUYE%Q?\&Q^-4Z>6&>F>^!M@\V_>]@3^3V4B"#8JGL\
MR+"O469/AB;&:<"W8ZE:#H'8GKTIX8)F.,9+DJ(L;![?`4RTN0J4`A1:"!Y^
MP.Y%*7"LICXE=7IS]G8N9<9+26WE:"-D$GR/7IKXTRHO%)N\XYDICXY#MG@6
MU?[PRL%14M26TIZ)'=6_/M0>K122FPC)V#L5@+^5\T\9`W2O9;<R_/4H43S7
M2X?2/<!:^OX`UU"WP[P]I*$IQRW'EUHJ9"C\2?.N6,4OR<8R6'>3#$LQ2I26
M5+Y`24D`[T?+>_A3UPGC#+S#*8UG%B;CH<2M:WA)*N1*4D[URCOH?&JO78*L
MX3!<,8,[&WKP$\1;OJFND!*0E(`2!H`>0HKVBL2K*T]7"K"%J*E6!DJ)V277
M.I_[5Y\U&#_9]C\US^ZBBK7SU5^H[N?=1PMX1\U&#_9]C\US^ZLUVPS'4XRN
MSMVIAJ`XXE:VF=M\Y'4$E)!/Q-%%.VKJ'.&*0FQY*6$<*#;.&^)-V)^(FSH#
M,I:?&'C.$KY3M(YN;>@>NMU9X_@N-8W/7-M%K3&DJ;+9<#JU'E)!(^DH^@HH
MI2U=0[$TO-CKF<T@T<*??<6LN3H81>8"):6"2V%+4.4G6_(CT%0$<.L11;A`
M%CCF*'2]X:BHCG(UOJ?0:HHH3:F9C0UKR`-KE/8+%\V.%?9V'^!_6LR>'F)(
M@R(2+)'1'DE!>0@J3S\IVG9!WT)HHJ1K*@ZR.[E+".%#^:C!_L^Q^:Y_=5C9
M<'QK')RIMIM34624%LN)6HGE)!(ZD^@HHI/K*A[2UTCB#YE+".%L%%%%5TZ_
"_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
